Will it be spring shoots or March frost?

Article Abstract:

Possible tax measures to be taken by Norman Lamont, Chancellor of the Exchequer, on the Dec 1993 Budget are the topic of debate among tax experts. The Budget Group at Price Waterhouse forecasts no increases in tax rates for income or corporations but predicts an increase of the VAT standard rate and the raising of the ceiling on employees' National Insurance contributions. On the other hand, Roger White of KPMG expects marginal tax increases in Mar 1994 and deferring of penal increases to Dec 1994. Richard Law of Ernst and Young also predicts tax increases and believes that VAT increases are not likely because they will only contribute to the inflation. Increases on excise duties on alcohol, tobacco, petrol and diesel fuel are likewise predicted. On the other hand, no major revisions on corporate tax are expected. Tax breaks are likewise not forecast due to the decrease in public finance.

Finance, taxation, & monetary policy, Forecasts and trends, Taxation, Tax policy, United Kingdom. Treasury, Lamont, Norman

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Corporate governance: the long road beyond Cadbury

Article Abstract:

The report released by the Cadbury Committee recommends the creation of a checks and balances system in the corporate boards of listed British companies. This system is to be supervised by non-executive directors (NEDs) in accordance with a five-point code of best practice. Comments from the public on the Committee's proposal have been favorable, indicating the willingness of the business sector to embrace higher corporate governance standards. The problem, however, is the lack of any agreement on how the Cadbury proposals will be implemented. For instance, there are those who support the Committee's proposed role for NEDs in corporate governance, and others who do not. A clearer definition of the concept of effective corporate governance may have to be worked out first before the Cadbury proposals can be adopted.

Standards, Management, Corporate directors, Corporate governance

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