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Forget Tax Cuts Says British Chamber Of Commerce

by Amanda Banks, Tax-News.com, London

12 October 2001

During a press conference held earlier this week by the British Chamber of Commerce (BCC) to present its latest quarterly economic survey, the BCC urged the UK government to focus on a direct economic stimulus package to strengthen the country's infrastructure as a more viable alternative to tax cuts.

The BCC economic survey, the largest and most detailed of its kind, covered 7,385 UK firms with over 800,000 employees. It found that UK manufacturing is in a critical condition with firms reporting huge export losses, declining home sales and orders, stalled investment plans and job cuts, with poorer prospects for the next three months.

Ian Fletcher, head of policy at the BCC, said: 'If you asked most businesses if they would prefer a billion pound tax cut or a billion pounds reinvested in essential infrastructure and public services, I think more would choose the latter now.'

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