" The Chancellor's tax assault on UK business risks undermining the economic recovery, the Confederation of British Industry has warned.
Britain's biggest business group said the apprenticeship levy, living wage and the rising burden of business rates amounted to a £29bn raid on companies over the next five years.
Unveiling the CBI's Budget submission, Carolyn Fairbairn, director-general, warned the onslaught of taxes in the Summer Budget and Autumn Statement had pushed the economy to a "tipping point".
While businesses were building the extra costs into their plans, Ms Fairbairn said some sectors, including retailers and the care sector, could buckle under the "cumulative burden" of extra levies.
The introduction of a living wage of more than £9 an hour by 2020 is expected to cost businesses £12.6bn, according to the CBI, while the apprenticeship levy is forecast to cost £11.6bn over the next five years.
"What is coming over very clearly from our members, particularly in the context of a more fragile global economy - is that any more could really tip investment decisions, could tip growth plans, could tip job creation," she said. "
Source: Budget 2016: Chancellor's avalanche of business taxes has pushed UK to a 'tipping point', CBI warns - Telegraph
What's the result of the big dividend tax hike? Big increase in dividends while they are still half reasonably taxed until April 2016, so that means businesses reduce INVESTMENT to return money to shareholders.
But as Waldork likes to say - Labour would have done worse, so it's ok for Cons to increase taxes massively.
Britain's biggest business group said the apprenticeship levy, living wage and the rising burden of business rates amounted to a £29bn raid on companies over the next five years.
Unveiling the CBI's Budget submission, Carolyn Fairbairn, director-general, warned the onslaught of taxes in the Summer Budget and Autumn Statement had pushed the economy to a "tipping point".
While businesses were building the extra costs into their plans, Ms Fairbairn said some sectors, including retailers and the care sector, could buckle under the "cumulative burden" of extra levies.
The introduction of a living wage of more than £9 an hour by 2020 is expected to cost businesses £12.6bn, according to the CBI, while the apprenticeship levy is forecast to cost £11.6bn over the next five years.
"What is coming over very clearly from our members, particularly in the context of a more fragile global economy - is that any more could really tip investment decisions, could tip growth plans, could tip job creation," she said. "
Source: Budget 2016: Chancellor's avalanche of business taxes has pushed UK to a 'tipping point', CBI warns - Telegraph
What's the result of the big dividend tax hike? Big increase in dividends while they are still half reasonably taxed until April 2016, so that means businesses reduce INVESTMENT to return money to shareholders.
But as Waldork likes to say - Labour would have done worse, so it's ok for Cons to increase taxes massively.
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