Darling announces new working group

29/04/2008

The Chancellor has announced the formation of a new working group to look at the long-term challenges facing the UK tax system.

In a speech to a Chatham House conference, Alistair Darling said the group will be made up of British businesses and members of the government.

As well as advising on challenges facing businesses, the group will ensure competitiveness ‘remains at the heart of any future reforms’, said Darling.

He added that the group will discuss ways the tax system can provide the ‘long-term certainties businesses need in the face of increased competitiveness’.

“We need to anticipate how to protect revenues in an increasingly global market place for goods and services while promoting the competitiveness of our businesses so that they can take advantage of open markets.

“Tax is one element of the strong business environment which makes the UK competitive at a global level. The UK corporation tax rate is one of the lowest in the G7,” he said.

He added that it was critical to ensure the UK maintains its ‘strong and resilient economy’ and its position as the world’s leading financial centre.

“I am determined that we do what is necessary to remain one of the world’s best places to do business,” he said.