Ten bold ideas to fire up the British economy

City AM, the traditional newspaper, is preparing for its customary two-week hiatus from printing the physical edition. Despite the break, the website, app, newsletters and studios will continue their operations. As the last Editor's Letter before resuming in September, the editor offers ten ideas for boosting economic growth. First, eliminate non-compete clauses and permit flexible notice periods if both parties agree.

This would inject dynamism into the professional services labor market. Second, lift income tax thresholds and pledge to raise them in line with inflation each year. People need assurance that they are not being exploited. Third, abolish stamp duty on shares. Economists generally consider this a highly pro-growth tax reduction that would pay for itself quickly.

Fourth, repeal the Employment Rights Act. Britain's employment law was not as permissive before this legislation, and it has hindered the labor market for years. Fifth, introduce legislation to terminate excessive Equal Pay claims. New Zealand achieved this with a simple legislative change. Sixth, abolish local planning committees and replace them with Zonal Development Rights.

This would streamline the planning process and encourage construction. Seventh, fully repeal all "social value" regulations governing procurement. Price and quality should be the sole determining factors. Eighth, mandate government impact assessments for their own policies. If regulatory bodies find that a policy will cost the economy more than it benefits, it should be discarded.

Ninth, establish a streamlined employment law and tax code for businesses with fewer than 20 employees. This would provide breathing room for these firms to expand. Finally, announce the end of the triple lock on the state pension. The pension should rise with inflation alone, without the additional measures often used in its calculation.

This plan, dubbed the City AM Ten Point Plan for Growth, is proposed in the editor's final message. Feedback can be provided via email.