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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Monday 21st July 2008
Who would want the job as Chancellor when it seems month after month he is forced into more and more embarrassing u-turns while his lord and master Gordon Brown steps aside and lets him take the flak?
This week is likely to see Alistair Darling ditch plans to tax UK based companies on their world wide passive income, e.g. intellectual property rights, etc after a major backlash from the UK business world. In what will be seen as another major climb down he has been forced to all but re-write his 2008 budget. As each u-turn is announced the pressure is growing on Gordon Brown although he is doing his best to avoid any direct involvement, however behind the scenes it is still obvious that Brown is pulling the strings of his tiring Chancellor.
The threat to tax the overseas earnings of UK companies has seen a number of groups relocate to Ireland, with Shire Pharmaceuticals leading the way. Ireland has a more liberal tax environment and it seems the move by the UK government has focused the eyes of many upon this issue. This is one u-turn which may have come too late with more and more companies enquiring about a possible move to emerald isles. |
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