No change in tax burden

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The coalition government has done nothing to ease the tax burden on business and some small and medium sized enterprises are paying true tax rates in excess of 40 per cent as a result, according to the Institute of Directors.

Richard Baron, head of taxation at the IoD, said: “The private sector is going to have to drive the recovery, but tax burdens remain a real drag on growth.

“Plans to reduce corporation tax rates need to be much more ambitious than they currently are, and the rate of employers’ national insurance contributions also needs to come down.”