Allan Leighton said the decision to put up taxes had depressed consumer confidence and discouraged companies from investing. He said Britain was approaching a “tipping point” before the Budget.
Leighton said: “The economic model that we’ve been pursuing, or the Government is pursuing, has inhibited growth because it’s put heavy taxation and heavy costs on consumers.
“When that happens, consumers spend less, their confidence goes down, and businesses invest less. You don’t have to go to Harvard to work that out.”
He said the next Budget would determine whether the Government could avoid further damage to the economy.
“We can either inhibit growth, which has been the strategy so far, not inhibit growth, which in itself would be something, or thirdly, do something that really helps growth. That’s why I think we’re at a tipping point.”...<<<Read More>>>...
