IPPR calls for 'fundamental reform' of UK economy

Think tank the Institute for Public Policy Research (IPPR) has called for a radical overhaul of the UK economy, stating that it 'does not work well' for most people.

06 Sep 2018

Think tank the Institute for Public Policy Research (IPPR) has called for a radical overhaul of the UK economy, stating that it ‘does not work well’ for most people.

A poll conducted by Sky Data on behalf of the IPPR revealed that 49% of respondents would describe the way that Britain’s economy operates as ‘unfair to some degree’. Just 22% believe that the way the economy works is fair.

The poll also revealed that 80% of those surveyed support ‘greater regulation’ of major digital companies; would welcome the introduction of a new corporation tax on multinational companies; and would like to see the National Living Wage (NLW) rise from its current level of £7.83 per hour to £8.75 an hour, to bring the NLW in line with the current Real Living Wage.

An additional 50% of individuals would support asking the Bank of England to ‘control house price inflation’, and advocate raising taxes on income from wealth to match taxes on income from work.

Commenting on the findings, Frances O’Grady, General Secretary of the Trades Union Congress (TUC), said: ‘It’s time for a once-in-a-generation rethink of our approach to the economy. Working people have had enough of stagnating living standards and massive inequality.

‘A better deal for working people is possible, and will allow us to build a stronger, fairer economy.’

Browse our library section

Great tips and advice you can download

Find out more

Follow us on Twitter

Copyright

© 2021 Lawrence Grant. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Lawrence Grant

We are a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Registered to carry on audit work in the UK and Ireland. Our Insurer is Prosure Solutions (per W R Berkley , and IGI), 34 Lime St, London EC3M 7AT (worldwide, excluding North America). Also an independent member of GGI, a multidisciplinary worldwide association of accountants, tax consultants & lawyers.