Thinktanks propose tax system overhaul to boost UK growth

Thinktanks urge Chancellor Rachel Reeves to overhaul the UK's tax system, citing inconsistencies that penalize work and discourage investment. Proposals include abolishing stamp duty and merging income tax with National Insurance to tax all work income equally, aiming for pro-growth reforms. The National Institute of Economic and Social Research also advised Reeves to implement significant spending cuts and tax rises to bolster the fiscal buffer.