Budget tax hikes would be ‘road to ruin,’ Healey warned
A top City trade body has warned Chancellor John Healey that tax hikes at the October Budget would set the UK on the “road to ruin”. The British Chambers of Commerce (BCC) has urged the Chancellor not to “pile more taxes on firms,” saying that the Treasury should instead cut the costs facing firms to [...]
The British Chambers of Commerce (BCC) has issued a stern warning to Chancellor John Healey, stating that tax increases in the upcoming Budget could lead the UK down a "road to ruin." Shevaun Haviland, the BCC's director general, urged the Chancellor not to "pile more taxes on firms" and instead focus on reducing the costs faced by businesses to stimulate economic growth.
The trade body has outlined a set of demands for the Chancellor, including helping young people find employment, reducing business energy bills, and establishing a roadmap to decrease taxes. To alleviate the financial burdens on firms, the BCC recommends cutting employer National Insurance Contributions for individuals under 25 years old by eliminating the triple lock on the state pension.
This proposal comes as leading economists and former government ministers have been pushing for an overhaul of the triple lock, arguing that it is becoming unsustainable for the public finances. The BCC also called for the government to devise a "targeted tax reduction package" to address the pressures on businesses caused by rising energy costs and business rates.
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