According to Tony Danker, director general of the Confederation of British Industry (CBI), he warned on Thursday that it is likely that “ministers are running the risk of trapping the UK in a low-growth, high-tax future“, according to the Financial Times.
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“The tax burden for UK companies was already “at the highest sustained level in peacetime” before the planned 6 percentage point increase in corporate tax to 25% from April 2023which will push the UK to 31st place in the OECD competitiveness ranking.”
“It’s a plan that raises corporate taxes massively without relief for investment … funding green investment more than before, but less than our competitors … funding a narrow apprenticeship program while skills shortages continue to hamper growth … stopping immigration for the skills we need, but it does not offer any alternative to obtain them”.
The level of growth would not be enough to “avoid permanently high taxes given spending pressures.”
These comments come before the monetary policy decision of the Bank of England (BoE), with an interest rate hike of 25 basis points fully valued at the market price.
Source: Fx Street
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