BusinessCompany NewsCBI warns on damaging tax hikes

CBI warns on damaging tax hikes

The Confederation of British industry has warned the Labour government's tax rises will be damaging to UK plc.

Link: CBI slams government attitude to business

In a strongly-worded statement to chancellor Gordon Brown entitled ‘Protecting the UK’s competitive position,’ the CBI claims tax rises would cost UK business £47bn by 2005.

The business lobby group also called on ministers to halt the ‘relentless and damaging’ rise in taxes to business, saying they must draw a line on the tax hikes.

According to the CBI most of the burden comes from the one percent increase in National Insurance contributions which alone will cost business £8bn by 2005.

CBI director general Digby Jones admitted business had a role in helping the government improve public services. But he said: ‘Ministers cannot keep siphoning off company funds without damaging investment productivity and competitiveness.’

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