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Diageo and Unilever sound alarm bells over UK taxes

Despite the fact that the UK government has forged very strong relations with businesses in the UK over the last decade the ongoing crusade to increase tax income for the authorities looks as though it could seriously backfire. Diageo and Unilever, both multinational companies, have today sounded the alarm bells for the UK government suggesting they would look at possibly moving overseas unless the tax situation changes in the medium term.

This would be a massive blow to the UK authorities and could signal the end, at least in the short term, of overseas investment into the country. While it would be wrong to suggest that the UK government is the only party in the world looking to increase tax to pay back excessive borrowings and reduce the budget deficit, the Labour government does seem to have turned against large companies in the country.

Not only would UK authorities miss out on corporation tax if the likes of Unilever and Diageo were to move overseas but this could also lead to significant job losses in the UK. While there is a feeling that at the end of the day all parties involved will reach some kind of short to medium term compromise as we approach the election the UK government will be very conscious of avoiding any significant U-turns.

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