Re: That's not a f***ing novel idea
Great idea but nothing like £11B. Remove the duty, then remove the people employed to collect, enforce, administer and legally interpret the rules and deal with disputes. Then fire the project managers, remove the insurance companies, bankers, agents, communications executives and sundry other parasites living off the system, Then sell off all the infrastructure, real estate, even sell those antique stamping machines to the highest bidders for an immediate one-off gain, writing down debt. So people lose their jobs. Life sucks. Deal with it.
While you're at it, you may as well automate all taxation completely. Book 5% of all revenue at the gate - that's less than the compliance costs of the 'Double Irish' for American corporations. Give everyone a small, permanent unemployment benefit, just enough to eat. No need to apply because probably you'll lose your job. And write off all loans in the old currency and eliminate the entire banking system. No need, we're all digital baby! Bring back a balanced government budget and a new currency that's backed by energy and metals. Goodbye 80% of the cost of government and it's a huge incentive for people and small businesses to do something productive and grow the economy.
Sure, massive deflation of some things, hyper-inflation of others along with a mega-depression but we'll get over it ... eventually ... then it's blue sky. Just think of how many lawyers we'd be able to get rid of! Oops - sorry wife.