Head of the Confederation of British Industry, Digby Jones, has called on those asking for business to shoulder a larger share of the national tax burden to look at the figures and think again, arguing that firms are already paying a disproportionate amount of taxation at both the national and local level.
In a letter to the Financial Times last week, Jones claimed that between 1997 and 2004, an additional £40 billion was raised from the business sector by new taxes levied at the national level, whilst the tax burden on the individual remained broadly unchanged. He also claimed that business makes significant contributions to help central government fund grants to local councils.
“We should never forget that the interests of business and individuals are inextricably linked but it is business, and only business, that generates wealth and jobs for the benefit of everyone,” observed the CBI chief.
“If the UK loses its reputation as a tax-competitive economy, overseas investors - both those already here and those thinking of coming - will choose to create wealth and jobs elsewhere,” he warned.
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