Britain Should Emulate Singapore: New at Reason

As the United Kingdom prepares to exit the European Union, it ough to emulate Singapore, which separated from the Malaysian Federation in 1965.

Marian Tupy writes:

Andrea Leadsom’s withdrawal from the Conservative Party’s leadership race ensures that Home Secretary, Theresa May, will become the next Prime Minister of Great Britain, on Wednesday afternoon. What should May’s priorities be?

First, she should endorse Chancellor of the Exchequer George Osborne’s suggestion to cut the corporate tax rate from its current 20 percent rate to a 15 percent rate, which would make it the second lowest corporate tax rate in the OECD. In fact, she should go even lower and match Ireland’s 12.5 percent corporate tax rate. That way, the newspapers will not write about a “tax-cut,” but instead about the “lowest” tax rate in the rich world. A low corporate tax rate will indicate to the rest of the world that Britain will retain its business-friendly environment.

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