Britain must not raise taxes on wealth creators any further if it wants inward investment to spur recovery, one of the world's leading competitiveness experts says.
Professor Michael Porter of Harvard Business School made the warning as Gordon Brown assured a London conference of 250 global investors enterprise would be the engine of Britain's growth as it emerges from recession, the Financial Times reports.
Porter, who spoke at the government-run conference, said in an interview the 50p income tax rate due in April for those earning more than £150,000 was "at the upper end of the band".
"If it goes any higher than that - and if that is perceived as being a long-term policy - then I think that's going to create some real problems in the long run," he said.
Prof Porter also urged ministers to "maintain every pound they can" of spending on innovation infrastructure, including universities, although he accepted there would have to be cuts to deal with the budget deficit. Read more..
BMW INSURED its UK final-salary pension fund today against increases in life expectancy of more than 60,000 pensioners in a ground-breaking £3bn deal, the Guardian reports.
The company say it has in effect offloaded the risks from rising life expectancy on to Deutsche Bank and a group of reinsurers, in what pension experts say is the largest-ever insurance transaction with a pension scheme.
The move is expected to herald a series of similar transactions as occupational pension funds seek ways to tackle escalating funding deficits. Read more...
Achievements, charity work and other happy snippets
'A win for advisers'
Unconstrained multi-asset fund managed by Talib Sheikh
Who made the cut?
Transferring out of DB scheme