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UK entrepreneurs review their positions

It has been revealed that a number of UK entrepreneurs and recognised business people are reconsidering their positions in light of the Labour government's 50% tax band which was announced earlier this week. In a move which could see it backfire on the Labour Party it has been revealed that ultimately the new tax band could raise relatively little for the Treasury with some people forecasting an actual reduction because of tax avoidance schemes and those looking to move overseas.

Recent polls, carried out since the budget, have shown that while many in the UK believe the rich should be taxed to help those less well off, the 50% tax band is nothing but a gimmick. The vast majority of UK voters can see through the political nature of this week's budget which saw a widening of the gap between Labour and the Conservatives on subjects such as public sector expenditure and taxation.

While the UK stock market has performed relatively well since the budget, there are still many investors who have concerns about the time-span of any potential recovery. As we saw today, UK GDP fell at its fastest rate for 30 years in the first quarter of 2009 which has shocked many economists. Whether this puts UK government economic forecasts in yet more doubt remains to be seen but a continuation of dreadful news on the economy will continue to gnaw away at the government's credibility.

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