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Marijuana Could be the Answer UK Fiscal Problem?

September 16, 2013 Taxation in UK

MarijuanaLONDON – The legalization of marijuana could potential to help the UK narrow the national budget deficit and to significantly reduce public spending.

On September 15th the UK Institute of Social and Economic Research released a new report on the potential social benefit of legalizing and regulating the sale of marijuana in the UK and Wales, and forecasting the extent of future tax revenues and costs arising from the move.

The ISER estimates that the overall increase in tax revenues collected from “licensed cannabis supply” would be between GBP 0.4 billion and 0.9 billion per year.

Legalizing the sale marijuana would also lead to a reduction in public spending by the government of up to GBP 460 million, as the change may lead to a reduction in the costs for policing, criminal justice a...

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