Wednesday March 5, 12:16 AM
UK budget should aim to shore up international business confidence - BBA
LONDON (Thomson Financial) - The British Bankers' Association has called on Chancellor of the Exchequer Alistair Darling to ensure next week's budget focuses on restoring the UK's reputation as a global business centre.
In an official submission to the Treasury, the BBA said its members are concerned that recently proposed changes such as the 30,000 stg annual tax for long-term non-domiciled UK residents and the reforms to taxation of foreign profits are causing international firms to question the UK's suitability as a place to do business.
'The industry is seriously concerned that the Government is trying to raise new taxes without adequate consultation and without proper consideration of the cumulative effects,' said BBA chief executive Angela Knight.
'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 added.
The BBA said that the Northern Rock (LSE: GB0001452795.L - news) crisis couple with the proposed tax changes could place the UK's ability to attract overseas investment in jeopardy.
'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,' said Knight.
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