"The Chancellor has been warned by the head of the Confederation of British Industry (CBI) Rain Newton-Smith not to inflict "death by a thousand taxes," and the government has to change course and stop placing more costs on businesses. It is strongly suspected that Rachel Reeves will send taxes soaring to fill the black hole in the publics finances. The Office for Budget Responsibility (OBR) has downgraded the government growth forecast for "every year""
""Prove it - against opposition, against short-term politics, be it on welfare, be it pension increases, show the markets you mean business. "Short-term politics leads to a long-term decline, and this country cannot afford another decade of stagnation. "That means making hard choices for growth now before they get harder, having the courage to take two tough decisions rather than 20 easier ones. "Raising the headroom to make promises stick, it means one or two broad tax rises, rather than death by a thousand taxes.""
The Chancellor has been warned by CBI head Rain Newton-Smith to avoid inflicting "death by a thousand taxes" and to stop placing more costs on businesses. Strong suspicion exists that Rachel Reeves will raise taxes to fill a black hole in public finances. The Office for Budget Responsibility has downgraded government growth forecasts for every year until the end of Parliament in 2029. Newton-Smith urged the Chancellor to stand up to Labour backbenchers and to consider cutting the welfare budget to show fiscal resolve. The CBI called for demonstrable commitment to growth through hard choices now, preferring one or two broad tax rises rather than many small increases. Short-term politics was warned to risk long-term decline and stagnation.
Read at London Business News | Londonlovesbusiness.com
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