TaxCorporate TaxTesco boss slams rising taxes

Tesco boss slams rising taxes

Tesco chief executive Sir Terry Leahy has said that high taxes in Britain could hold back economic development as they 'seemed to be forever rising'.

Link: Revenue loses case worth £200m

Speaking at the Advancing Enterprise conference, Sir Leahy claimed that more than 50% of his company’s profits were swallowed up by corporate taxes and national insurance contributions.

In the light of Tesco’s recent expansion into Turkey last November and its intentions to expand into China, Sir Terry said that in order for UK businesses to compete abroad they needed strong UK bases: ‘Over time, high taxes will hinder the UK’s ability to compete. If a government wants to foster and nurture global business it must create and sustain a competitive domestic market at home.’

Sir Terry also accused British business of being scared of success. ‘Are we ashamed of creating a business elite? Why is it that in the US and France people seem proud of what companies achieve, whereas here they seem suspicious?

‘Companies have benefited from a stable UK economy but needed to create a culture where profitability isn’t scorned, success does not lead to envy and enterprise is not derided,’ he added.

Related Articles

HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

1w Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

2w Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

3m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

3m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

4m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

4m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

4m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

4m Austin Clark, Reporter