Burnham adviser floats higher tax on pension funds’ overseas investments

cityam06-25

Burnham adviser Andy Haldane called for sweeping tax relief reform. PA Wire One of Andy Burnham’s economic advisers has warned of ‘foreign raiders’ snapping up Britain’s most promising start-ups as he...

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PA Wire One of Andy Burnham’s economic advisers has warned of ‘foreign raiders’ snapping up Britain’s most promising start-ups as...","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BCC":"Boise Cascade L.L.C.","BK4567":"ESG概念","BK4104":"贸易公司与经销商"},"translate_title":"伯纳姆顾问对养老基金的海外投资征收更高的税","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BCC":1},"content_text":"Burnham adviser Andy Haldane called for sweeping tax relief reform.\nPA Wire One of Andy Burnham’s economic advisers has warned of ‘foreign raiders’ snapping up Britain’s most promising start-ups as he suggested the government should more heavily tax domestic pension funds investing overseas.Andy Haldane, the former Bank of England chief economist who is now the president of the British Chambers of Commerce (BCC), said tax reliefs should be reformed to boost incentives for more cash to flow into British companies. Fresh from a speech at a BCC conference in which he decried companies being “plucked off by overseas foreign raiders”, Haldane told City AM that it was an “absolute no-brainer” to adjust the tax system to get investors to pile cash into British businesses and create a bias towards domestic investment. He said he wanted a “tilting of the playing field” in the tax system and added there was a “million and one ways in which you can go about that”. \n\nBut he added that the government should get a better “return” on tax reliefs offered on investments, adding that a change on reliefs to favour British assets over foreign assets would be a “correction of the distortion of markets” for pension funds. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHe cited the examples of European countries and Japan, where investors get tax credits for backing the government’s domestic growth plans. “We’re not getting much return on that tax [relief] right now because in the main, it is financing investment in foreign companies and foreign governments,” Haldane said.“The current situation is quite a contorted one. The UK situation is very unusual in that we don’t invest in British businesses. You can think about this tilting as being a correction of the system to more accurately reflect what all other countries on the planet do and indeed what we ourselves used to do a generation ago.”\n\nHe said he had not drafted a “detailed proposal” on how investments on British assets would benefit from greater tax reliefs than those on foreign assets.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2646870727","isCrawlerRequest":true}