You must do more to help business NOW: CBI boss delivers stark warning to Hunt
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The CBI’s boss has urged Jeremy Hunt to freeze business rates and review the tourist tax to kick-start the economy.
Rain Newton-Smith also argued that the headline rate of corporation tax should come down in the long term, to boost Britain.
‘We are back,’ Newton-Smith said at the Confederation of British Industry’s annual conference in central London.
Her comments on tax ahead of the Chancellor’s autumn statement tomorrow add to growing calls for Hunt to use some of the spending ‘headroom’ he is likely to have to reduce pressures on firms and households.
Retailer Frasers Group and shopping center chain Westfield also called for action over business rates and jeweler Boodles described the tourist tax as a ‘spectacular own goal’.
One autumn statement measure seen as highly likely is an extension of ‘full expensing’ – a tax break that rewards businesses for investing in plant and machinery.
The policy, announced in the spring, has helped ease the sting of the headline rate of corporation tax rising from 19 per cent to 25 per cent earlier this year but will expire in 2026.