Speaking on BBC Radio 4’s Today programme, Letwin went for the jugular, describing the incentive scheme as ‘Gordonomics at its sillest’.
‘In the interests of squeezing every penny he can out of British business, he is participating in the destruction of British jobs,’ Letwin said.
Under the scheme, banks, insurance companies and other financial institutions receive a 17.5% subsidy if they employ people offshore.
Currently many finance houses have outsourced their call centres to places like India, which provides a substantially cheaper service.
Gordon Brown will deliver his Budget speech in just over a month’s time, on 17 March.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states