The British Chambers of Commerce (BCC) has followed the chant of the Association of Consultant Actuaries for a voluntary pension system, warning that UK business will not accept footing the bill for the pension crisis by a future increase in taxes.
Bill Midgley, president of the BCC, in response to the Pension Commission report says that while business has a major role to play within the pension issue, raising tax is not the ‘way forward’. “The overriding message that we are sending the Commission is that business could not stomach future tax increases to pay for state pension provision. Businesses can play their part in helping to resolve the pensions issue but clobbering them with tax rises is not the way forward,” he says. The BCC says that enforcing compulsory contributions would put added pressure on UK employment issues, job...
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