The Conservatives have called on the Chancellor to abandon his “ill-conceived” changes to Capital Gains Tax announced in the pre-Budget report.
Speaking at the CBI conference today, Tory leader David Cameron said Alistair Darling should admit to the conference that he had made a mistake over the proposals.
He said any further changes announced by the Government must not be a “sticking plaster” but instead should deliver real simplification of the tax system and make the UK a better place to be an entrepreneur.
He said: “If the Chancellor fails to abandon or radically alter his approach we will fight his tax hike on Britain’s entrepreneurs every step of the way, both inside and outside Parliament.”
Cameron told delegates regulation imposed by the current Government has cost business more than £55bn.
He said the Tories are working with PricewaterhouseCoopers to develop detailed tax simplification plans and “sweep away complex reliefs and allowances”.
He said there needed to be an urgent examination of the way banks are regulated in the aftermath of Northern Rock.
“More widely, our proposal for a new triple lock on stability – enhancing the MPC’s independence, independent monitoring of the fiscal rules, and independent national statistics – will help to reduce the threat of turbulence,” he said.