The path to growth under Truss is far from certain

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Most continental European countries were around 45 per cent, while the English-speaking countries were around 40 per cent, with Canada a bit above that level, Australia, the UK and New Zealand in the middle, and the US a bit below at around 38 per cent of GDP. The OECD argued last year that “excessive regulations and their onerous enforcement add to businesses’ operating costs”, and that “trust in public institutions and public service delivery is one of the lowest across OECD countries”. Ireland is the prime example of using a corporate tax rate of 12.5 per cent to lure foreign companies to set up a base there, so successful that there is now joint action to have a global minimum tax rate of 15 per cent. Indeed the notion in Europe that the US is a universal low-tax haven does not really wash. Add California’s top income tax rate of 12.3 per cent to the Federal top rate of 37 per cent and you come mighty close to the 50 per cent rate.