No one underestimates the political challenges it would entail. Mr Osborne has had to temper his political instincts to suit the reality of coalition. But in his next Budget, which is now just six weeks away, the Chancellor should go further than before. With the economy stubbornly refusing to move and with confidence low, bold measures are needed. To begin with, he should accelerate the cut in corporation tax that is already under way. Mr Osborne wants to reduce the tax gradually to 21 per cent. He should instead bring it down to below the level in Ireland, where it is 12.5 per cent. Overnight, this would make the UK the most attractive location in the EU in which to invest and do business, and it would be consistent with the steps the Coalition has already taken to make the country one of the best places in the world to start a new business. Such a significant reduction could be accompanied by the removal of exemptions, subsidies and special deals that businesses currently enjoy. Extra growth would compensate the Treasury for the up-front tax hit.