Competition is the best stimulus for innovation and efficiency, the chancel-lor proclaimed in his bud-get. He cited the work of Professor Steve Nickell of the London School of Economics, whose 1996 article "Competition and Corporate Performance" demonstrated the link between competitive pressures and higher productivity. So why on earth did Mr Brown spoil the effect by clogging up his budget with complex tax incentives for small businesses, which mean they may spend less time innovating and more reshuffling their tax affairs?
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