A group of UK business associations and professional advisers has demanded a reform of company taxes ahead of this week's budget.

The commentators called for a reduction in business taxes and a simplification of the tax code. Eric Anstee, chief executive of the Institute of Chartered Accountants in England and Wales, said the government should set out its long-term taxation objectives so that companies could plan ahead. "Rather than meddling with taxation policy each year to fill budget gaps, we urge the chancellor to develop a strategy that will encourage inward investment and growth," he said.