12 Mar 2012
As the 2012 Budget approaches, the British Chambers of Commerce (BCC) has urged Chancellor George Osborne to cancel the planned increase in business rates.
The business organisation is arguing that despite current spending restrictions, there is still sufficient room to allow the Government to abandon the change, which will see business rates rising by 5.6% with effect from April.
The BCC is also calling on the Chancellor to double the subsidies for businesses taking on young adults.
John Longworth, BCC Director General, said, ‘George Osborne faces one of the most challenging Budgets in recent years. He has to pull out all of the stops to boost British business’.
Meanwhile, the Confederation of British Industry (CBI) has argued against recent calls to reduce pensions tax relief for higher rate taxpayers, warning that such a move would constitute a ‘breach of trust’.
John Cridland, CBI Director General, said, ‘Any further reduction in pensions tax relief, just a year after the Government’s cut to the annual allowance hit many higher earners, would be a breach of trust with those already paying higher taxes, and harm our ability to attract the best talent to the UK’.
The 2012 Budget will be delivered on Wednesday 21 March. Visit our website for information on the latest announcements following the Chancellor’s speech.