Growth figures show that Britain is essentially going backwards. Bringing forward the £10,000 tax allowance is the best option to encourage growth.

Abstract

According to figures released today by the Office for National Statistics , the UK economy grew by only 0.2% in the second quarter of 2011, down from 0.5% in the first quarter. Tim Leunig argues that these figures should be much higher, and that the government’s policy of cutting the deficit quickly is restricting the growth potential of the economy.