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Against a backdrop of continuing economic uncertainty, the CBI is urging government not to load any further tax or regulatory burdens on business.
Our submission to the Treasury on Aviation Duty said the proposed tax is misconceived and unlikely to be effective as an environmental measure, instead arguing the best way to tackle climate change aspects of aviation is through emissions trading. On banking reform we cautioned against rushed legislative changes which might damage competition and innovation in the financial sector. And with delays in refreshing the Defence Industrial Strategy, the CBI has stressed the importance of government procurement taking a long-term perspective and acting as a demand-side driver for innovation.
The CBI’s chief economic adviser says the decision by the Bank of England to keep interest rates on hold at 5.0% is not unexpected. Commenting on the bank’s decision Ian McCafferty said: “The latest data shows the economy is slowing, albeit only gradually, and at the same time inflationary pressures continue to mount.” He added: “While the housing market and linked activities are very weak, activity elsewhere is slowing, but is well short of recession.”
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The CBI Tax Task Force has launched its consultative report UK business tax: a compelling case for change.
The task force was set-up to undertake a comprehensive review of the UK’s corporation tax system and to propose reforms to make it suitable for an increasingly global economy.
The proposals include a lower rate of tax, simplifying the basis for computing tax and improving the legislative process. The report will now be subject to extensive consultation with the CBI’s wider membership before the task force publishes its final report in the summer.
To read the report go to www.cbi.org.uk/taxtaskforce.
To submit comments on the report email: taxtaskforce@cbi.org.uk.
Listen to Richard Lambert discussing the tax system on Radio 4's Today programme.