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Govt tax planning 'may cause double-dip recession'
Ministers need to be wary of increasing personal and corporate taxation and causing a double-dip recession, it has been claimed.
Although changes to budget tax planning will need to be made by the Treasury, MPs need to be aware of the risks of going into recession for a second time, according to Investment and Business News.
Editor of the magazine Michael Baxter explained that one of the main problems with the UK's economy is that too much is being spent and not enough is being invested.
He was commenting following the publication of a British Chambers of Commerce survey, which revealed that four in ten businesses believe reducing the budget deficit should be the number one priority for the chancellor, Alistair Darling.
However, Mr Baxter believes that growth will be affected by the impact of modified tax planning to finance the huge level of government spending and subsequent deficit.
He said: "The government has got to raise money and there seems to be no alternative.
"The consequences are a possible move back into recession."
Posted by Fiona Beck
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