Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Investing

UK employers tell Johnson to ‘get serious’ about tax and investment

2021 10 22T005203Z 2 LYNXMPEH9K1C7 RTROPTP 4 BRITAIN POLITICS PMQS - Global Banking | Finance

LONDON (Reuters) – British employers told Prime Minister Boris Johnson’s government on Friday to “get serious” about encouraging business investment and stop blaming them for the economy’s problems and hitting them with higher taxes.

The Confederation of British Industry urged finance minister Rishi Sunak not to increase the tax burden for companies again when he delivers a budget statement and a three-year public spending plan next week.

CBI Director-General Tony Danker said Sunak’s announcement on Wednesday would be a “defining moment” for Johnson’s administration as it tries to move beyond the coronavirus pandemic and build a post-Brexit economy.

“We cannot take the economic recovery for granted,” Danker said. “If the UK is to break out of a decade-plus cycle of anaemic growth and zero productivity, then the government has to get serious about what it will actually take to deliver that.”

This month, Johnson vowed to end “the old failed model of low wages, low skills, supported by uncontrolled immigration,” comments which angered many business leaders who were already smarting from a planned increase in corporation tax in 2023.

Relations between Johnson and business leaders have been tense since he led the campaign in favour of leaving the European Union in 2016 when he dismissed their concerns about the impact on the economy.

Danker said there were rumours that Sunak might announce more new taxes for business as he comes under pressure from other ministers to provide more cash for their departments.

“There is a fundamental inconsistency where the government wants to unlock business investment, but its tax policies do the opposite,” he said. “You cannot will the ends and ignore the means to turbocharge the economy.”

Danker also took a swipe at Johnson’s promise to “level up” Britain’s poorer regions which has so far been short on detail.

“Rather than a levelling up plan that builds more tennis courts, let’s have one that regenerates Britain’s high streets and industrial heartlands,” the CBI boss said.

As well as ruling out new taxes, the CBI urged Sunak to extend his incentive for business investment beyond 2023, overhaul a property levy to encourage investment in energy efficiency and require regulators to prioritise investment.

(Writing by William Schomberg, editing by Andy Bruce)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post