Portillo hits out at multinational tax plans

Portillo told MPs in a debate on the Finance Bill: ‘Labour has ignored calls from industry to drop these botched and damaging proposals.

‘The chancellor has merely offered a stay of execution whilst leaving the axe hanging over Britain’s competitiveness.’

Portillo said no-one agreed with the government’s low estimate of how much ‘this stealth tax’ would cost British companies.

He added: ‘When major business organisations say that Gordon Brown’s proposals will make Britain a much less attractive location for international companies, the response should be to scrap them, not just put them back a few months.’

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