UK-based manufacturers have spoken out over the past week to ask Treasury officials to consider further cuts to corporation taxes.
According to reports, a survey carried out by manufacturing trade body, EEF highlighted that over half of all manufacturing companies had experienced an increase in their taxes over the past five years, with as many as one in eight describing the increase as having a "significant" effect upon their business.
In light of its findings, the EEF has pleaded with the Treasury to cut corporation tax to 25% by 2011, arguing that the recent 2% cut has been almost cancelled out by less beneficial capital allowances.
The EEF also condemned the government's planned capital gains tax changes, suggesting, according to a Financial Times report, that they "could undermine a decade of positive developments in promoting entrepreneurship".
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