UK businesses need relief to become a key industry

IT firms call for tax breaks

Some of the UK’s leading IT companies have called for a reduction in taxes to aid growth and generate jobs.

According to the Financial Times, the move would help them fill the void left by the nations declining financial services and manufacturing industries, and accelerate growth. They also called for a cut in tax on foreign investment, to encourage more overseas companies to relocate to the UK.

“It is now widely recognised that we need to rebalance the UK economy,” said the director general of the IT trade body Intellect, John Higgins. “Rightly, there’s a rush towards engineering and manufacturing. But software and technology are also going to be at the heart of growth in the 21st century.

“We ask why, when the UK has world-class science, managers, software engineers and international tech companies working here, there are too few UK tech companies in the FTSE 250?”

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