John Longworth, Director-General of the British Chambers of Commerce (BCC), and John Cridland, Director-General of the Confederation of British Industry (CBI), have welcomed the measures proposed by Prime Minister David Cameron at the recent UK Conservative Party Conference.
Key messages in Cameron’s speech included that his party would raise the tax-exempt threshold to GBP12,500, from GBP10,000, and raise the threshold for the 40 percent income tax rate to GBP50,000, from GBP41,866. Cameron said: “Companies are coming from all over the world to invest and create jobs here. That’s not happened by accident. It’s because they see a Government rolling out the red carpet for them, cutting their red tape, cutting their taxes. So here is a commitment: with the next Conservative Government: we will always have the most competitive corporate taxes in the G-20.”
Longworth of the BCC said: “The Prime Minister was right to make the link between a competitive business environment, a strong economy and the resources available for delivering the public services people across Britain want. The continued commitment to balancing the books is absolutely right, as are the income tax cuts for promoting work, enterprise, and aspiration".
“Keeping corporation tax low is important to the UK’s competitiveness – but so are the many taxes businesses pay before making a profit. To have a truly competitive tax system, the Government must reduce and reform business rates, which remain the highest in Europe. We are calling on the next Government to achieve the lowest business input taxes and charges by 2020.”
Meanwhile, Cridland said the tax measures would provide stronger incentives for people to enter employment. He highlighted: “We need more investment to create more jobs, so pledging to keep the UK corporate tax rate the most competitive in the G-20 will send out a clear positive signal to businesses.”
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