UK Money News
5th March 2008
Tax warning for Darling
Alistair Darling has been warned that failing to properly consult business on changes to the tax system could see valuable investment move elsewhere.
The British Banker's Association (BBA) told the chancellor that banks contribute £50 billion to Britain's economy and are becoming increasingly concerned about taxation.
This comes ahead of Mr Darling's first Budget next week, which homeowners hope will include some measures to lighten the load.
Many Brits are struggling with their mortgage payments and other debts, while prices for essentials such as fuel and food are rising.
Angela Knight, chief executive of the BBA, said failing to listen to her members could be bad for the government and bad for the British economy.
"Closer collaboration with the industry is essential to avoid giving our partners and competitors abroad the impression that the UK is not as friendly to business as it was just a few years ago," she warned.
The credit crunch continues to hamstring borrowing and the housing market is slowing as a result.
With inflation still a concern, it is unlikely that the Bank of England will be able to offer solace tomorrow when it announces its March interest rate decision.
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