bdaily.info Making Connections

Darling should fuel economic prosperity

A guillotine
Published 11 Mar 2008
Member bdaily.info
Tags budget, fuel, NECC, commercial property, tax
Submit an article

The NECC asked Mr Darling to guillotine two tax proposals

North East businesses have called on Chancellor Alistair Darling to ‘guillotine' two tax proposals that would have a negative impact on the economy. The North East Chamber of Commerce (NECC) has written to the Treasury outlining measures it believes should be adopted in this Wednesday's Budget to maintain economic stability and strong growth.

One of the prime points for reconsideration is the proposed 2p hike in fuel duty due to come into force in April. NECC has also urged a re-think on plans to increase tax on properties that remain vacant for a period of time.

James Ramsbotham, NECC chief executive, said: "With petrol prices at the pump soaring beyond the £1 per litre mark, an additional increase in duty is seen to be potentially one of the most damaging moves the Government could make in the current, fragile economic climate. NECC is also concerned that the Chancellor will implement plans to cut the relief on empty commercial property rates. This is based on the, often wrong, assumption that landlords are purposefully leaving some buildings vacant.

"Both of these taxes face causing considerable damage to the North East economy if implemented. Cutting the empty property rate relief will put a brake on speculative property development which in turn will shackle expansion in our region."

NECC's submission also points out to the Treasury that speculative commercial property development is essential. It states: "Making the region a more attractive location for companies is seen as a crucial part of this. If the increased risks associated with reform to empty property rate relief tip the balance against marginal developments, the impact on the North East economy will be damaging."

  • Post a comment
  • Tag this article
  • Share this article
  • Send to a friend

Send to a friend

Add your comments

Fields marked (*) are required

Tag this article

Please separate multiple tags with a comma. You can also assign tags to this article multiple times if you wish. This enables you to assign more weight to what you think are important tags.

Fields marked (*) are required

Share this article

These links can be used to bookmark stories you find interesting on popular aggregator websites Digg, Facebook, reddit, del.icio.us and StumpleUpon. Once bookmarked, you can then uses these websites to access your favourite links from any computer, and also share the stories you think are interesting with people all over the internet.

  • del.icio.us
  • Digg
  • Reddit
  • Facebook
  • Stumble Upon
Passionate about news
Sitemap