First stop is L’Ombre de l”Olivier’s piece: Radical UK Financial Reform. Here is a paraphrase of the main intent, as I see it:
# As DK, Freebornjohn and Mr E note … smallish government is a desirable principle. # S&M reported over a year ago [and I’ll look at him next]the principle of a flat tax and "Citizen's Basic Income" that replaces all benefits and is given to all people regardless of income. Tim Worstall, I believe is for this and I’ll summarize his proposals separately.
# Associated huge reduction in bureaucracy in DWP and Inland Revenue.
# Remove the income tax personal allowance, the Working Tax Credit, the Child Tax Credit and Child Benefit, which since you are giving everyone £5200 including kids would seem pretty fair.
# Give the kids £100/week allowing you to remove most of the education budget too. Give £50 in voucher form up to age 16 or still in education. £2550 per child in vouchers and 12M children 16 and under is £30B There are about 2 million university students (+300k non UK ones) and I would guess another 2 million or so secondary school students aged over 16. This adds up another £10B at the same £2550/student and one could obviously increase the amount from university students.
# Make it clear that is the kid's money not the parent's by requiring the child to have a bank account for the dosh to be paid into, and then obviously, permit the parent to have access to it. Possibly after age 12 (say) the child has to be a co-signer or something so that the kids get experience managing money.
# Remove the minimum wage legislation and a bunch of similar busybody employment rules. Then by limiting the payment to UK citizens you create an interesting incentive to hire UK citizens rather than immigrants - it would allow you to remove almost every work permit requirement because the foreigners would need to have an extra £5000 from somewhere to have an equivalent income.
# The CBI ought to please the trades unions.
So that's the start of a working paper for Joe Bloggs.