to 12 per cent if they ever reach power, Leasing Life has
learnt.
The party’s decision, made clear in a statement by George
Osborne, the Shadow Chancellor, quickly follows the current
government’s decision to reduce capital allowances by 5 per cent to
20 per cent.
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The news, which is bad for leasing and for all investment in
rapidly depreciating assets, is expected to help pay for another
cut in the corporation tax rate.
Osborne is also planning to tweak Basel II’s convergence rules
by adding a counter-cyclical element to banking capital
requirements. The plan involves banks being required to give more
capital backing to their lending exposures in times when credit was
growing too fast, but with an easing of the rules during credit
crunch conditions.
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By GlobalData
