Newspaper article The Journal (Newcastle, England)

Warning over Tackling UK Debt

Newspaper article The Journal (Newcastle, England)

Warning over Tackling UK Debt

Article excerpt

THE UK's huge deficit should be tackled with pounds 4 in spending cuts for every pounds 1 in tax increases, says the CBI.

In a letter to Chancellor George Osborne ahead of the emergency Budget on June 22, the CBI warned that the public finances should be repaired without damaging growth prospects.

It called for a shake-up of public services provision to save money through moves such as job cuts and sharing back office functions.

CBI deputy director-general John Cridland said: "A radical re-engineering of public services is a must if damaging tax rises are to be avoided. Only an effective cost reduction strategy can safeguard growth."

The CBI has "major concerns" over proposals to hike capital gains tax to similar levels as income tax and wants a broad definition of business assets to prevent deterring start-ups.

It also wants tax credits for research and development protected as well as capital spending levels to be restored as soon as possible. …

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