Conservative leader, Iain Duncan Smith warned on Thursday night that the United Kingdom is headed for an 'economic coronary' under Chancellor, Gordon Brown's care.
Speaking at the Institute of Directors' annual dinner, the Tory chief observed that: 'They [Labour] just don't understand how business works. Ministers have simply not understood that the business-friendly conditions they inherited did not come about by chance.'
'The sclerosis in our public services is speading, as the arteries of the country are clogged by the cholesterol of tax and borrowing. If Doctor [Gordon] Brown carries on with this treatment we are heading for an economic coronary.' the Financial Times quoted Mr Duncan Smith as observing last week.
This followed a vitriolic attack on the government from Confederation of British Industry (CBI) director-general, Digby Jones. Speaking last week, the CBI chief alleged that the government's policies on business taxation will have cost UK firms something in the region of £47 billion by 2005- an increase in the tax take which he announced is 'larger than the GDP of Wales'.
However, this was later strongly denied by chief secretary to the Treasury, Paul Boateng, who condemned the CBI's figures as 'wrong and misleading'.
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