Captains of Industry and Business Leaders are Backing the Conservatives UK
Top Business Leaders Back Tories On Tax
9:42am UK, Thursday April 01, 2010
Ruth Barnett, Sky News Online
A group of business leaders have written a letter backing the Conservatives’ proposal to halt a planned rise in National Insurance.
David Cameron described it as a “very important moment in the election campaign”.
The executive chairman of Marks and Spencers, Sir Stuart Rose, and easyJet entrepreneur Sir Stelios Haji-Ioannou are among the 23 people to have signed the letter, which is published in the Daily Telegraph.
The signatories employ around half a million workers between them.
They agree with shadow chancellor George Osborne that increasing NI by 1p next April, as Labour plans to do, is bad news for the economy.
“The Government’s proposal to increase national insurance, placing an additional tax on jobs, comes at exactly the wrong time in the economic cycle,” the letter says.
The Labour Party feel that the Conservatives’ plan has not been properly costed and not properly thought through.
Sky’s political correspondent Joey Jones
“In a personal capacity, we welcome George Osborne’s plan to stop the proposed increase in national insurance by cutting Government waste.”
Mr Cameron told BBC Breakfast: “These household names – people like Marks & Spencer, Sainsbury’s and Mothercare – are saying that Labour’s plans to put up National Insurance contributions are the biggest threat to the recovery.
“They are saying there is no threat to the recovery from cutting waste in 2010 but there is a threat to the recovery from putting up National Insurance contributions.
“Labour have said the whole thing is that we can secure the recovery. Well, today that plank of their whole approach has been removed.”
Chancellor Alistair Darling pledged to introduce the rise as a way of paying off some of the nation’s debts.
But Mr Osborne said he would axe the increase for people earning less than £45,000 if his party wins power at the next election. He said he would pay for this by finding efficiency savings worth £12bn.
Mr Darling counters that Mr Osborne’s policy is at odds with the Conservatives’ claim they would cut the deficit sooner and deeper than the Government plans.
Treasury Chief Secretary Liam Byrne said the Conservatives were not able to fund their promise on NI.
“No business goes to its shareholders with unfunded promises – but that’s exactly what the Tories are doing,” he said.
The captains of industry and top business leaders are fully aware of the failure of this Labour Government. They are giving their full backing to the Conservatives, because they know we have the experience and common sense, to get rid of Labour’s crippling debt, but not at the expense of putting more businesses out of action, or risking the creation of new jobs.
Members of the public whose jobs are hanging by a thread need to take note and ensure their vote is for the Conservatives. Another term of Labour could spell disaster for them and everyone else in the United Kingdom.
Jim Ferguson
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