The government will need to choose between cutting expenditure, which will make it difficult to achieve the long-term goals I will detail later, and increasing tax revenue, whether through the cancellation of exemptions or through raising tax rates.
Hall, F. Lotti and J. Mairesse (2013), “Evidence on the impact of R&D and ICT investment on innovation and productivity in Italian firms”, Economics of Innovation and New Technology, 22(3). 12  Eurostat (2010), Community Innovation Survey 2008. 4  BIS central bankers’ speeches  less capable of patenting inventions and industrial designs, registering brands and protecting intellectual property rights.