RegulationAccounting Standards50% income tax rate lambasted by CBI

50% income tax rate lambasted by CBI

Budget measures slammed by industry body

The government’s new 50% top income tax rate has been labelled ‘economic
vandalism’ by the Confederation of British Industry (CBI).

The criticism was made by Martin Broughton, president of the CBI, at the
organisation’s annual dinner last night, according to
tax-news.com

Broughton said the move was designed to ‘divert media attention’ away from
the country’s fiscal deficit in affording ‘confidence to buyers of our debt.’

Prime Minister Gordon Brown was also in attendance, and said the measure was
necessary if the government is to restore public finances.

‘…coming through what is a difficult recession where we have had to wipe
out billions of pounds as a result of banking failures, where we’ve got a
massive loss in tax revenues as a result of the failures in the financial sector
as well the loss of revenues in the corporate sector, we have a duty to act,’ he
said.

Further Reading:

CBI
outlines proposals for mandatory emissions reporting

VAT
figure is a ‘gross underestimate’

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