UK's tax system is not 'competitive enough'

Date: 28th November 2011

Small businesses around the UK have been told that the government is not doing enough to make the country's tax system competitive.

According to the Institute of Directors (IoD), the coalition needs to introduce a number of incentives to make the UK more attractive to overseas business.

This would bring much-needed investment to the country and help stimulate job growth.

The IoD explained that at present the UK sits in the "middle of the pack" of 34 OECD countries.

Simon Walker, director-general of the IoD, commented: "The UK should be the country of choice for international capital, and a place where the tax system is not so burdensome as to tilt the balance against enterprise and hard work.

"Our tax system … places the UK in the middle of the pack of developed countries, not out in front. We want to see a radical programme of business tax reductions for the coming decade, in order to remedy that."

Posted by Thomas Fletcher