Sajid Javid calls for tax cuts to boost economy recovery after lockdown
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He urged slashing VAT and National Insurance to encourage households to spend and firms to hang on to their staff. Mr Javid and the Centre for Policy Studies suggested more than 50 recommendations in their After The Virus report. The ex-chancellor, who quit the Government earlier this year after a clash with Boris Johnson, praised his successor Rishi Sunak, for acting decisively with measures such as the furlough scheme.
But he said: “Soon, the focus must shift from safeguarding the economy to rebuilding it.”
Mr Javid added: “If we want to support and stimulate employment, then axiomatically the best option is to cut the payroll tax – employer’s National Insurance. Other proposals included “shovelready” infrastructure plans.
A rapid bounce back was “optimistic”, Mr Javid wrote in a newspaper yesterday, predicting up to 2.5 million jobless due to the virus.
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