Sir Terry Leahy, Tesco chief executive, has warned that companies could desert Britain unless the government cuts tax and red tape and boosts investment in R&D and the skills base.
Speaking at the Treasury’s Advancing Enterprise conference in London, Leahy told business and economic leaders that tax on business was reaching prohibitively high levels. He warned that although half of its retail space was overseas it still requires a strong home base. “The UK remains the home for our business but the level of taxes seems to be above our waist. National Insurance and all the other taxes are more than half of our profits,” said Leahy.
In a clear message to Gordon Brown Leahy argued that if the government wants to foster a global business it must create a competitive market. He said: “The government needs to foster a culture where profitability is not scorned, success does not lead to envy and enterprise is not derided.
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