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Is the UK government reducing UK competitiveness by increasing taxes?

A survey by accountants MacIntyre Hudson has confirmed that three quarters of businesses in the UK believe that the UK government is seriously risking the short-term recovery in the UK economy because of its punitive tax regime. This particular point has been reiterated by the two pence a litre increase in fuel tax just today which is the latest in a long line of subtle yet very effective tax increases. Even though the tax increases will replenish government funds in the short to medium term they could cause significant damage to the UK's reputation in the longer term.

While in some ways the UK government has little choice but to increase taxes, it is the timing of these increases which is causing significant unrest in the business arena. We have already seen a number of companies rebase their head offices in more "tax friendly" countries and a number of multimillionaires express their dismay at the current tax regime in the UK.

There is no doubt that many people have been driven overseas by the ongoing increase in taxes, both direct and indirect, with many believing the longer this continues the more damage it will do to the reputation and competitiveness of the UK.

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