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When I led the British government's Review on Antimicrobial Resistance from 2014 to 2016, we suggested various ways to fund a market-entry reward for drugmakers that develop new antibiotics and vaccines.Since proposing a pay-or-play scheme for the pharmaceutical industry, I have come to think that the same principle could be applied more broadly in business.Here in the United Kingdom, there are a few areas where pay-or-play schemes could prove useful. For example, many companies now organize their affairs in such a way as to avoid paying U.K. corporate taxes, despite having conducted their business here. So, why not replace the tax on reported profits with a pay-or-play tax on a percentage of their overall sales?Germany, where some 20 percent of the federal education budget is funded by German companies and set aside for vocational training, has established a good model to follow. It should not be too much to ask British companies to do something similar, especially given that it is in their own interests.
of fiscal policy
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