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Chancellor should avoid taxation increases in upcoming Budget
The upcoming Budget should not concentrate on corporate taxation increases, it has been claimed.
Chancellor Alistair Darling risks taking Britain back into recession if he does not deal with the budget deficit appropriately, according to the British Retail Consortium (BRC).
In its Budget submission, the BRC called on Mr Darling to cause minimal disruption to existing tax planning by prioritising public sector spending cuts over increases in tax.
The submission said that the government must "review all options", including decommissioning unaffordable services.
Commenting ahead of the impending Budget announcement, BRC director-general Stephen Robertson said: "Some tax rises maybe inevitable, but no government should rely on tax hikes to reduce borrowing.
"The increases would have to be so large that customers' ability to spend would be wrecked - risking a double dip recession."
BRC's submission comes after the National Association of Pension Funds claimed that the upcoming Budget should concentrate on simplifying pension provision, including changing current plans for the taxation of pension contributions.
Posted by Brian de Selby
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