No tax rises please, says business

Business leaders have called on political parties to commit to a tax freeze for businesses.

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The British Chambers of Commerce today revealed research among business leaders calling for commitments not to raise corporate taxes.

Some 90 per cent of those surveyed said they were worried that future tax rises would have a damaging impact on their firms.

The news comes after two reports warned at the weekend that the UK economy was in a shakier position than it may seem from the outside.

Gordon Brown’s attempt to increase Britain’s productivity has failed, the Institute for Fiscal Studies reported, while the Ernst & Young Item club argued separately that the British economy has significant structural problems. It suggested that business and individuals would soon be hit by higher taxes.

The Item Club also factored into its forecasts a rise in National Insurance, of 1%, to close the ‘black hole’ in the nation’s finances.