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Liam Fox has called for business tax cuts in next month's budget.Former defence secretary, Liam Fox, has called on Chancellor George Osborne to use next month's Budget to ease the tax burden on businesses.

In the Financial Times the Tory MP also called for labour market changes to make it easier to hire and fire employees, as well as additional public spending cuts to fund employment tax reductions. The CBI has also urged the government to help businesses with tax cuts in the next budget.

Liam Fox says, "There is a strong argument for further public spending reductions - not to fund a faster reduction in the deficit, but to reduce taxes on employment. Although the coalition agreement may require the chancellor to raise personal tax allowances, he should use the proceeds of spending reductions to cut employers' national insurance contributions across the board. If that is deemed impossible, he should consider targeting such tax cuts on the employment of 16 to 24-year-olds, making them more attractive to employers."

Do you agree with Liam Fox? Would changes to business taxation and labour market regulation help you and your business?

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