Commenting on speculation today that the Government is bowing to pressure and backing down on the Capital Gains Tax reforms David Frost, Director General of the British Chambers of Commerce, said: "This proposal goes someway to meeting our concerns in that it will help those business owners that are seeking to retire. However, there is a wider concern in that the serial entrepreneur, those that build businesses, will still be hit by the proposals to have a higher single rate of 18%. This will damage the entrepreneurial culture in the UK."