TaxPersonal TaxOne in three FDs say budget should go

One in three FDs say budget should go

Almost a third of finance directors believe the Budget should be axed, according to this week's Accountancy Age/Reed Accountancy Personnel Big Question, which shows support for the annual institution is falling sharply.

The figure, of 31%, is more than double that of last year, when the same survey found that only 15% of FDs wanted the Budget scrapped.

It also showed a falling number of FDs supporting it – 56% of FDs favouring its retention this year, compared to 79% last year.

The growing unpopularity of the Budget stems from a belief that it has become little more than a political showcase that results in rushed and confused tax law.

Increasing negativity towards the Budget followed pressure on chancellor Gordon Brown from Greenpeace to cut taxes on green fuels – as the pressure group this week dispensed free bio-diesel to motorists in Edinburgh.

One FD, who declined to be named, said: ‘The Budget is almost a pagan festival, which is enacted by grossly overpaid, incoherent, technically unsound politicians. The nation needs to get a grip and some serious fiscal policies need to be introduced with specific goals and realistic aims.’

Nigel Harridge, FD of JHP Group, added: ‘The main problem is that the Budget is presented by politicians.’

But those supporting the Budget still outnumbered those against.

‘An annual Budget statement should be retained but its release date should be set to allow sufficient time for an independent review body to examine and assess its implications – both technical and practical,’ argued Chris Baldwin of car dealer Godfrey Hall. ‘It gives us something to talk about,’ said another.

Links

Scrap ‘all-in-one’ Budget, says ICAEW

AccountancyAge.com’s Budget 2001

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