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On Wednesday the Prime Minister set out the government’s legislative proposals for the year ahead in the draft Queen’s Speech. Of particular interest was a banking reform bill in the wake of Northern Rock, a new statutory right for workers to request time off for training, and an extension of the right to request flexible working. The CBI will also be playing close attention to the proposed legislation on Agency Workers, to ensure the resulting proposals do not damage the UK’s flexible labour market.
Responding to the Pensions Regulator's consultation on good practice when choosing assumptions for defined benefit pension schemes, Richard Lambert, CBI director-general, said: “Firms are already taking action to ensure employees’ pensions are protected as lifespans improve. Imposing an overly prescriptive regime would undermine the Regulator’s scheme-specific approach and needlessly raise costs for companies, weakening their ability to keep pension schemes open for future saving.”
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The CBI Tax Task Force has launched its consultative report UK business tax: a compelling case for change.
The task force was set-up to undertake a comprehensive review of the UK’s corporation tax system and to propose reforms to make it suitable for an increasingly global economy.
The proposals include a lower rate of tax, simplifying the basis for computing tax and improving the legislative process. The report will now be subject to extensive consultation with the CBI’s wider membership before the task force publishes its final report in the summer.
To read the report go to www.cbi.org.uk/taxtaskforce.
To submit comments on the report email: taxtaskforce@cbi.org.uk.
Listen to Richard Lambert discussing the tax system on Radio 4's Today programme.