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BBA warns chancellor over Budget

The chancellor of the exchequer was challenged by the British Bankers' Association (BBA) yesterday to rebuild corporate confidence in the UK.

Government plans to reform tax rates for some businesses - such as that for capital gains - have come in for some criticism from corporate chiefs.

For its part, BBA warned that some firms might move their operations abroad should the proposed changes come into effect.

Currently, London is rivalling New York as the global capital of the financial services industry.

Chief executive at BBA Angela Knight commented: "Banking is already the largest single taxpayer and contributes more than £50 billion to the economy - the industry is seriously concerned that the government is trying to raise new taxes without adequate consultation and without proper consideration of the cumulative effects.

"Closer collaboration with the industry is essential to avoid giving our partners and competitors abroad the impression that the UK is not as friendly to business as it was just a few years ago."

The comments were made by BBA in an official submission to the treasury.

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