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Legalizing Marijuana Would Save England Over £1 Billion A Year: Study
TruthOnPot.com – A legal system for marijuana would generate up to £1.25 billion in taxes and savings for the government of England and Wales, according to a study published this week.
The report, by the Institute for Social and Economic Research, was commissioned by the Beckley Foundation – a drug policy think tank – and is the first to put a number on the net economic benefit of legalization in the country.
Amanda Feilding, director of the Beckley Foundation, highlighted the failures – both in economic and health terms – of the current approach of prohibition.
“In these times of economic crisis, it is essential to examine the possibilities of more cost-effective drug policy. Our present policies based on prohibition have proved to be a failure at every level. Users are not protected, it puts one of the biggest industries in the world in the hands of criminal cartels, it criminalises millions of users, casting a shadow over their future, and it creates violence and instability, particularly in producer and transit countries.”
The report suggests that £200-£300 million a year of government spending would be saved in just policing, court and drug treatment costs.
In addition, taxes on legal marijuana sales would be expected to generate between £0.4-£0.9 billion a year.
The authors conclude with a recommendation for more research and a broader consideration for legalization that encompasses the positives – rather than just the negatives.
The full report is available online at iser.essex.ac.uk