Tories blame ‘tax on businesses’ for ‘slowing growth’

ODN

Shadow Chancellor Sir Mel Stride blames “a slowing growth picture” on the government “taxing the living daylights out of business” after the rate of GDP growth slowed to 0.3% between April and June (compared to 0.7% between January and March). Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Transcript

00:00What we're seeing actually is growth this quarter at about under half the rate that we had in the

00:04first quarter. So we've got a slowing growth picture. Now why has that happened? That's because

00:09of what the government has done, taxing the living daylights out of businesses, borrowing and spending

00:14lots of money, keeping inflation higher than it would otherwise have been with interest rates

00:18being higher. And of course we're heading into the autumn now to a budget which will no doubt

00:23see some extensive tax rises which will be further damage to our economy. Would you cut the tax

00:29increases the charges? We would never have got into this position in the first place. We would certainly

00:33not have been putting those taxes on businesses because they are the engines of growth. So that

00:38was a fundamental mistake that this government made very early on was to kill growth through

00:43leveraging up taxes on businesses.

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