Children should be taught how to set up their own businesses, according to Margaret Thatcher’s policy guru.
Sir John Redwood called on career advisers to teach young people about the benefits of working for themselves as an alternative to seeking a job with a big employer.
It’s one of a package of measures to promote entrepreneurship backed by the former cabinet minister, who led Lady Thatcher’s Downing Street policy unit.
He said: “We need to encourage more business people to set up and offer new goods and services by creating an attractive environment for business.”
Sir John also called on the Treasury to back free enterprise by cutting corporation tax.
In a paper to be published by the Centre for Brexit Policy, he will warn that the UK’s education system encourages graduates to look for jobs in large companies, the public sector, professions or charities.
The paper says: “Schools need to use business, general studies, and career advice to introduce students to the ways that individuals can work for themselves or join a small company.
“The advantages freedom can bring need setting alongside the traditional advantages of the job in government or large companies.
“Many will find the ability to change things, to develop good ideas, to have direct contact with clients and customers attractive. They will learn that the self-employed can decide when, where, and how they work in ways an employee cannot do.”
Sir John’s paper also warns that changes to taxation are needed to revive the UK’s “stagnant” economy and back Lady Thatcher’s vision of a free enterprise nation.
This includes cutting corporation tax from 25 percent to 15 percent, raising the VAT threshold to £250,000 so that more smaller firms are exempt and cutting in energy taxes to boost the country’s waning manufacturing sector.
Sir John said: “We will get the deficit down only if we grow the economy. We will only grow the economy if we reduce tax rates and grow a bigger taxable base.
“We will only get inflation down decisively if the UK invests in more capacity. We need to grow more food, produce more energy and make more goods.”
He also called for an end to “unnecessary and dysfunctional spending” by the government, and urged Prime Minister Rishi Sunak to cancel the northern leg of the HS2 high speed rail line, due to run between Birmingham and Manchester.
Downing Street has refused to comment on reports that this section of the line could be scrapped, leaving just services between Old Oak Common on the western outskirts of London and Birmingham.
