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Britain’s bosses would have you believe that business in Britain is groaning under red tape and punitive tax levels, inhibiting enterprise and putting British firms at a disadvantage compared with overseas competitors.
As usual, reality paints a far different picture from the tawdry image scrawled by the CBI and Tory frontbenchers. Not only do British businesses pay lower levels of corporation tax than their counterparts abroad but they benefit from the most savage legal hamstringing of trade unionism.
But boardroom fat cats in Britain have one further advantage over their competitors, which is their total inability to feel any sense of shame.
The relatively poor performance since the 1990s of pension investment funds, overseen by the top companies themselves, has brought about a wide-ranging cull of occupational pension schemes. Final salary schemes have been axed in favour of money purchase or have been barred to new employees
A. inefficiency of pension investment funds
B. removal of final salary schemes
C. denial of salary schemes to new employees
D. demand for employees to pay more into pensions fund
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