Economist Maggie Pagano has urged Andy Burnham, the incoming Mayor of the North of England, to adopt a bold pro-growth economic policy, cutting taxes to create jobs and stimulate growth. In an article published in a leading financial publication, Pagano suggests that Burnham should learn from the success of companies like JCB, which has created thousands of jobs in Staffordshire through its investment in infrastructure and tax-efficient business practices.
Pagano argues that cutting taxes would allow businesses to invest in their operations, creating new jobs and stimulating economic growth. This, in turn, would benefit UK savers, who could see their savings grow as a result of increased economic activity. Mortgage holders could also benefit from lower interest rates, as the Bank of England seeks to stimulate the economy through monetary policy.
The FTSE 100 index has already shown signs of a positive response to the prospect of a more pro-growth economic policy, rising by 1.2% in the past week as investors anticipate a loosening of monetary policy. However, investors are advised to seek the advice of a qualified financial adviser before making any decisions.