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Budget 2011: view from the Institute of Directors

The Budget was a pretty decent one for business. No-one will be happy with everything in it but we can be pleased with a good proportion of the measures.

The headline for business was the additional 1% cut in the main corporation tax rate giving a 26% rate this year and 23% by 2014. This will improve the UK’s ranking internationally but sadly it will still not be enough to put us ahead of the pack of other countries. We still need a timetable to take corporation tax down to 15% over the next decade.

We also need a timetable for phasing out the 50% rate of income tax. The Chancellor did say that it was a temporary measure but did not tell us when it would go. The longer it stays the more the UK will get the reputation of being a...

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