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BCC: 1 in 10 firms want a more competitive corporate taxation regime
One in ten businesses believe the UK's corporate taxation system should be made more competitive, according to a new survey.
The government's main focus should be on improving the tax regime, 13 per cent of firms responding to the British Chambers of Commerce (BCC) Monthly Business Survey indicated, which still remains less favourable than some international taxation alternatives.
Businesses also expressed their concern over proposed National Insurance Contribution (NIC) increases, which are expected to be particularly damaging to British companies' prospects of recovery.
Commenting on the findings, director-general of the BCC David Frost explained that businesses recognise the need to make tough decisions to cut UK debts.
He said: "Companies have and will continue to play their part in creating wealth and jobs, generating economic growth and driving recovery, but the right environment needs to be in place.
"Raising a damaging tax on business, like NICs, will be counter-productive."
Earlier this month, BCC chief economist David Kern warned that progress towards rebalancing the British economy is not occurring quickly enough and emphasised the need to focus efforts on encouraging export-led growth.
Posted by Fiona Beck
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