Entrepreneur baffled by higher tax policy
Lord Bilimoria criticises Darling's tax proposals
A leading UK entrepreneur has warned against the government imposing higher
tax rates on the wealthy, a move he believes could set the country back 20
Lord Bilimoria, chairman of Cobra Beer, said the planned 50% income tax rate
outlined by Chancellor Alistair Darling in last week’s Budget was ‘completely
ill thought-out’, according to
‘It is a stealth tax, helping to make the UK one of the highest tax nations.
It is the start of a downward, slippery slope which might take this country back
to being the sick man of Europe,’ he said.
Higher national insurance contributions, along with changes to both capital
gains tax and non-domiciled taxpayers were adding to the economic decline, he