CBI director general, Sir Digby Jones, today urged Britain to take pride in those firms posting big profits.
His comments came despite outrage in some quarters and calls for windfall taxes after a succession of top banks hit the jackpot.
Sir Digby believes this is not typical and most of British industry does not make enough money.
And he revealed the depth of business concern over weak profitability as new research pointed to a structural decline in profits as a share of gross domestic product.
Publishing its Budget representations to the Treasury, the employers' organisation made clear that significant rises in the profits of some well-known British firms had to be seen in an overall business context.
The research into the squeeze on UK profitability, which forms part of the representations, shows that, as a share of national income, profits are now significantly lower than was achieved in previous economic cycles in the 1980s and 1990s.
It also observes that while the London stock market has done well during the last couple of months, its overall performance during the last eight years is the worst seen in any G7 country, barring Japan.
The CBI believes UK corporate profits have been put under pressure by a combination of five factors:
* increased competition from globalisation compounded by the strength of sterling;
* the successive tax and regulatory changes introduced in recent years, including the rise in employers NICs, the Working Time Directive, environmental regulation and poorly implemented planning controls;
* sharp rises in globally-determined prices of essential raw materials and commodities;
* the effects of government sector expansion, tightening labour market conditions, and reducing the private sector's share of national economic activity;
* and the added cost of necessary employer pension fund topups.
The CBI calls on the Chancellor to ensure the March Budget does nothing to make matters worse.
Sir Digby said: "As corporate profitability is constrained so are Treasury tax receipts but, no matter how tempting, there should be no hikes in business taxation.
"The economic outlook is already uncertain and any increase in bottom line costs will have a serious and lasting effect on investment and the UK's long-term ability to compete. Our stable, successful economy is the result of many hard won battles - the Government should do nothing to jeopardise it."
Sir Digby also highlighted the potential economic damage of retrospective taxation in the form of windfall taxes and the emergence of so called ' voluntary funding'.
"Windfall taxes may be seen in certain quarters as somehow justifiable punishment for record profits, but if highly successful global companies take the view that the UK has become hostile they will simply move their operations elsewhere.
"Politicians of all parties should publicly applaud companies making profits for Britain, employing more people, restoring the value of pension funds and paying tax to fund schools and hospitals.
"Business has also been disturbed by the approaches from some Government departments for 'voluntary funding' to tackle various social issues.
"The alcoholic drinks industry, food industry and gaming industry are among those to have been targeted in this way. When accompanied by threats of regulation or a compulsory levy this is no better than taxation via the back door.
"The business community must always take its responsibilities seriously, but it already provides a very significant share of general government funding, some £109 billion in 2004/5 alone."
Concern about progress made since last July in implementing the efficiency targets in the 2004 Spending Review were also highlighted.