Rt. Hon. Iain Duncan Smith

Rt. Hon. Iain Duncan Smith

Renewing Compassion: A vision for welfare that frees rather than traps the poor

Let me first explain the backdrop to the situation we find ourselves in today. Back in the 1970s businesses avoided the UK because of its high taxes, high strike rates and low productivity. Most commentators felt that there was little that could be done and decline was inevitable. Yet, after some radical reforms, strikes declined, productivity improved and as tax rates came down, companies started to invest in the UK once again.