Builders' Merchants News

CBI slams Business Rates Bill

Published:  18 June, 2009

LONDON: The CBI criticised rejection by MPs of amendments to the Business Rates Supplements Bill.

John Cridland, CBI deputy director-general, said: "The rejection of these amendments pokes a finger in the eye of British business at a difficult time."

The bill will allow local authorities to levy supplementary taxes on companies to pay for infrastructure projects that benefit local economies. The taxes could total 800m a year.

The CBI said firms should get a vote to approve or reject proposed tax supplements to pay for new infrastructure projects to ensure that extra tax is levied only for projects that make economic sense and help avoid misguided levies that could hurt companies at critical times.

Mr Cridland said: "We had called for sensible changes that would have ensured more effective local government spending. They would have helped avoid unnecessary, misguided tax supplements that could lead to further job losses."