CBI welcomes review of tax policymaking
By myfinances.co.uk staff
The process by which new tax policy is formed in the UK is to be reviewed by the government in a move welcomed by the Confederation of British Industry (CBI).
Work carried out by the CBI aims to serve the entire population by supporting business conditions that allow competition and prosperity.
Its members are responsible for employing about one in three people within the UK private sector and, according to Will Morris, chair of the CBI Taxation Committee, should be reassured by this week's emergency Budget announcement.
The chancellor's speech included a plan to lower corporation tax in the medium term, something Mr Morris says "will reassure companies in the tough times ahead" as part of the coalition's future direction on taxation policy.
He adds his support for the government's decision to launch a consultation on all aspects of the policymaking process, in light of perceived failures in the past despite the "talented people" who engage in setting new taxation legislation.
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