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Monday, 17 May 2010

Threat to Time to Pay? Jon Moulton Calls For Scheme To be Unwound

More anecdotoal stories on the time to pay scheme or Business Payment Support Service that helps cash strapped comapnies strecth their tax payments. This time in the Mail On Sunday Business section on 16th May.

Quote from article below:

"Venture capitalist Jon Moulton of Better Capital said Time To Pay amounted to companies being 'bailed out with taxpayers' money'.

'There are tens of thousands of companies that are either totally unviable or being propped up to help manage the employment statistics,' he said.

The rate of company failures was at an 'unhealthy' 20-year low and 'this is due partly to low interest rates and companies owing billions of pounds in unpaid taxes,' he added. 'There are 800,000 people working in companies that are being propped up by overdue tax. The taxpayer is paying and some of those companies ought to be culled.'"

So that's quite clear then Jon? Lets get culling the weak to restructure the economy.

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