Some of the key proposals in the "growth budget" include slashing taxes, such as cutting corporation tax from 25% to 15% and unfreezing tax allowances. The commission also suggests abolishing inheritance tax and stamp duty, potentially providing tax relief to individuals and property buyers.
On the welfare and employment front, the group proposes stricter requirements for benefits and freezing the minimum wage, while offering more support to help people return to work. They also recommend implementing "use it or lose it" time limits on planning permission to encourage building and reducing approval times for major infrastructure projects.
Additionally, the commission suggests ending the ban on fracking and scrapping net-zero levies. They claim that their proposed measures would boost GDP by 23% and increase household incomes by £26,000 by 2044.
These proposals come ahead of the government's Autumn Statement, where tax and spending plans will be announced. Rishi Sunak, the current Prime Minister, has been facing pressure from some Conservative MPs, including those on the right of the party, to cut taxes to stimulate economic growth.
It's worth noting that Liz Truss's previous mini-budget, which included £45 billion in tax cuts, had led to economic turmoil. While the commission argues that their proposals would boost economic growth, there are critics who believe that such policies could have negative consequences for working people and the economy.
The government has not officially commented on the commission's proposals but has indicated that plans to boost investment, employment, and reform the public sector will be revealed in the Autumn Statement.