UK has become ‘less tax competitive’

Over one half of the UK’s most important ‘captains of industry’ believe the
UK businesses’ tax system had become worse over the past few years when compared
to the tax systems of competitors.

A survey of 77 chief executives, FDs and business leaders by
PricewaterhouseCoopers, suggested that the UK has slipped down the tax
competitiveness league table, with 56% stating they believed the UK business tax
regime had become relatively worse.

Over half (54%) expect chancellor Gordon Brown to miss public spending
targets for the medium term, and 58% expect the Treasury to miss targets for
corporation tax yield.

Three-quarters of respondents said recent Budgets had little impact in
encouraging enterprise.

PwC tax partner John Whiting, said: ‘It would appear that the chancellor has
some work to do to convince this audience of the effectiveness of the
government’s commitment to back the UK’s enterprise culture.’

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