Treasury 'fag packet' tax regime blasted

The CBI president has lambasted the Treasury for policymaking that seemed to have 'been drawn up on the back of a fag packet'.

Martin Broughton, CBI president and also chairman of British Airways, made his comments in a speech during a lunch at which new chief secretary to the Treasury Yvette Cooper was present, reported The Daily Telegraph.

He slammed proposed changes to the tax regime as damaging the government's stand on encouraging the enterprise culture, comments that will put more pressure on Alistair Darling prior to the Budget.

Broughton said that since Darling became Chancellor, the changes he has introduced 'pulled the rug out from under the Government's decade-long effort to encourage an enterprise culture'.

'In his final days as chancellor [Gordon Brown] gave a triumphant speech about the City and its prospects… we've all had a bit of a reality check over the past six months,' said Broughton.

Further reading:

CBI dismisses EU targets as unrealistic

CBI launches savage attack on Treasury