IoD chief reveals ‘despair’ about the economy

THE Institute of Directors wants the government to cut corporation tax to 15% by 2020 and remove the 50% top rate of income tax, according to reports this morning.

The new director general of the IoD told the Financial Times that business has great fears for the weakening economy, and that a fresh set of tax policies alongside a renewed round of quantitative easing is required to tackle the problem.

Simon Walker is quoted in the FT saying that there was “a kind of despair” about the future of the economy, which is exacerbated by concerns about the euro and the European economy.

In addition to the headline tax policies the IoD has called for the Bank of England to inject £50bn into the economy through the buying of gilts.

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