22 April 2009
City of London response to the Budget
Stuart Fraser, Policy Chairman of the City of London
Corporation, said today (22 April) at 14:30 GMT:
"This was a very difficult Budget indeed. The world financial
crisis and resulting economic downtown both across the world and
here at home meant that, understandably, little new expenditure,
except in specially targeted, priority areas could be
contemplated.
"The new top rate of income tax at 50% may damage the City's
competitiveness - we operate in a global market for talent, and
that talent is expensive. Our competitive position will always
depend on the stance taken by other financial centres. Thus it is
essential that we keep a continuous eye on changes in other centres
to make sure that we do not put ourselves at any disadvantage."
Ends
Notes to editors
About Stuart Fraser: Stuart Fraser is
Chairman of the Policy and Resources Committee of the City of
London Corporation.
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