LIAM FOX has called on Chancellor George Osborne to ease the tax burden on business in next month’s Budget.
The former defence secretary also also wants changes to the labour market to make it easier to hire and fire employees.
The Tory MP argued in the Financial Times for further public spending cuts to fund employment tax reductions.
It is Mr Fox’s first major political intervention since he resigned from the cabinet in October.
In the FT, Mr Fox said it was “too difficult to hire and too fire and too expensive to take on new empployees.”
The ATT had previously expressed concern that the legislation was overly complex and created unnecessary complications within the practical working of the new allowances
Introduced in 2013 to encourage R&D investment, the scheme allows UK businesses to pay only 10% corporation tax on profits derived from any UK or certain EU patents
Yet, KPMG’s annual survey shows that the UK is still an attractive place to do business, despite falling in rankings in tax competitiveness and FDI appeal
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