CBI responds to Prime Minister's Davos speech
The CBI responded to the Prime Minister, David Cameron’s speech to the World Economic Forum in Davos on the UK’s focus for the G8 - trade, tax and transparency.
John Cridland, CBI Director-General, said:
“Boosting our trade is the single best way of creating jobs, promoting investment and stimulating growth in the UK.
“Working within the EU we need to push for major trade deals, particularly with the US, and eliminate the tariffs and harmonise the regulation which too often hold businesses back.”
On tax, Mr Cridland said:
“The majority of businesses pay the right amount of tax, and for the small minority which do not, times are getting tougher, and rightly so.
“The CBI does not condone highly abusive avoidance schemes which serve no commercial purpose other than the minimisation of tax, even if they are legal.
“In some cases the tax system is lagging behind commercial reality, particularly around the taxation of the digital economy and on transfer pricing. As the Prime Minister highlights, the UK needs to work together with other countries, including the G8, to change the rules where appropriate, so that they are fit for the global business age.”