If Alistair Darling fails to backtrack on his decision to scrap taper relief he will face intense tax 'rage' from business, the CBI has warned.

At a meeting yesterday Darling faced the business community that has opposed his CGT reforms so vehemently. He said he was 'listening' to their concerns but gave no indication that he would backtrack on his decision.

CBI director general Richard Lambert said Darling had three weeks to outline the final proposals on CGT. If they did not go far enough, Lambert said, there would be a cry of rage.

At the same meeting Tory leader David Cameron said he would fight Darling 'all the way' on the decision to dump taper relief.

Further reading:

Tories say CGT explanations are unravelling