At a recent talk I was asked if wellbeing economics was a reinvention of socialism. I answered: “If it is, then it's equally a reinvention of…
This is the latest edition of the Reinventing Scotland newsletter. To receive it straight to your inbox every week, clickAt a recent talk I was asked if wellbeing economics was a reinvention of socialism. I answered: “If it is, then it's equally a reinvention of capitalism”.
This requires greatly enhanced business community engagement. The business community currently views the word wellbeing as only appearing in sentences that end in bad news for business. The Scottish Government needs a major business re-engagement programme and national discussion on wellbeing economics with the business community.
Boris Johnson, who was heavily influenced by Friedman, had planned to reduce corporation tax to 17% - but the post-economy and the fact that there was no evidence that such a cut would deliver any benefit meant this was abandoned. Now, businesses with profits of over £250,000 pay 25% and those declaring less than £50,000 will pay 19%.
This is not the Scottish Government’s fault – they don’t have the tax powers to offer either carrot or stick. If it did, then instead of something-for-nothing tax cuts, solutions such as benefit corporation tax credits could be implemented. Imagine a simple, credit-based system which allowed companies to earn tax credits through activities that drive national wellbeing. Imagine if Scotland could link a system of corporation tax credits to the business pledge.
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