Britain’s biggest trade body, which claims to speak for 240,000 businesses, said that the higher rate tax was “undermining UK competitiveness”, writes the Telegraph.
As part of the CBI’s Budget submission John Cridland, the group’s new director general, called for George Osborne to “lay out a road map” for the tax band’s removal as a signal of intent.
Cridland said Britain needed an “all-action Budget which boosts exports, investments and jobs”.
HSBC bats down talk of a move to Hong Kong
Shareholders in HSBC are increasingly asking its management about the cost of remaining headquartered in the UK, although the bank has no imminent plans to leave the City of London, it said last night amid speculation it might be gearing up to leave Britain for Hong Kong.
The company, which has already moved its chief executive’s office to the former British colony, is conducting a triennial review of where best to locate its headquarters. But last night, the chief executive, Stuart Gulliver, and chairman, Douglas Flint, said they would still prefer to remain in the UK, writes the Independent.
“We are however, in light of possible regulatory changes and additional costs such as the bank levy, being increasingly asked by shareholders and investors about the likely additional cost of being headquartered in the UK,” they said. “We are very clear that the City of London’s competitive position deserves protection and HSBC will play a full part in this.”
I’ll set business free, vows Cameron
David Cameron launched an extraordinary attack on his own civil servants last night for loading costs on to business, as he set out the ‘moral’ case for enterprise.
The Prime Minister expressed intense frustration with the failure of officials to understand firms buckling under the weight of Labour’s red tape ‘frankly cannot take it any more’, writes the Mail.
“If I have to pull these people into my office in No 10 to argue this out myself and get them off the backs of business, then, believe me, I’ll do it,” he said.
RBS and Lloyds handout plan wins backing of Lib Dems
A group of former bankers and hedge fund financiers have come up with a radical plan to distribute the government-owned shares in Royal Bank of Scotland and Lloyds Banking Group to the public, as an alternative to a conventional bank privatisation.
The proposal has won the backing of the Liberal Democrat backbench Treasury committee. Stephen Williams, MP for Bristol West and co-chairman of the committee, will present the plan today, writes the Independent.
RBS and Lloyds had to be bailed out in 2008, leaving them 84% and 43% owned by the government.
