In its report, 'UK business tax: a compelling case for change', the CBI Tax Task Force highlights an unsustainable corporation tax system.
Richard Lambert, the CBI's Director-General, said: "Our traditional tax system is no longer fit for purpose and is making the UK look increasingly uncompetitive. We need bold action to restore a competitive headline rate of corporate tax.
"The UK tax system cannot continue as a ball and chain round the ankle of British business, when it should be a springboard for encouraging growth and attracting investment."
Charles Alexander, Chairman of the CBI Tax Task Force comments:
"You don't have to be a tax expert to work out that every penny spent on tax leaves less available for investment in jobs, research and development. So an uncompetitive tax system affects everyone.
"No-one wants to see the UK lose its edge and it would be tragic if an uncompetitive tax regime was allowed to undermine the other attractive features that make Britain a good place to live, work and do business. The CBI's Tax Task Force has shown that maintaining the status quo is no longer an option."
