Thursday, September 28, 2006

Chancellor of Exchequer's nightmares. Pension solutions

Today's Times (UK) has articles that The Free Lunch has solutions for:
Lloyds of London: The UK government is getting worried about offshoring of London-based insurers due to high corporation tax (zero in Bermuda). The long term solution from The Free Lunch is to reduce such taxes to zero and increase taxes on land value. There would be no escape if a business has any sort of land ownership.

Pensions: This problem is not getting any smaller, read Graham Sergeant's story which goes back to PM Jim Callaghan in the 1960's. The Free Lunch champions a Cititizen's Royalty payment for everyone. It would be a monthly universal payment for all citizens: children and adults. Not only would a basic pension be guaranteed for all but companies would be able to concentrate on creating wealth instead of becoming bogged down by pension liabilities (see also the page 49 article on companies hiding their pension deficits). Sergeant's article points out the follies that governments create as they devise bad solutions. Read The Free Lunch for ideas from the classical economists 200 years ago that would make the economy work more efficiently and other features that would bring more wealth and freedom for all.
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