Healey: I want to help bloody-minded founders

In a recent statement, John Healey, the Chancellor, announced that his upcoming Budget will focus on supporting "bloody-minded entrepreneurs" who have been facing significant challenges. He acknowledged that small and fast-growing businesses have been under pressure due to a series of new taxes and regulations. Healey pledged to tackle the "cost of business" alongside the rising cost of living, aiming to mend the relationship between the UK's private sector and the government after being criticized during three consecutive fiscal events.

He admitted that the government's efforts to overhaul workers' rights and implement multiple tax measures have left many firms struggling.

During a visit to Aberdeen to announce the approval of the Jackdaw gas field, Healey expressed his commitment to being a Chancellor who supports businesses in Britain by ensuring they can make a profit. He highlighted the innovative ideas and relentless determination of entrepreneurs as crucial factors in keeping them going despite the pressures they face.

Healey also signaled plans to reduce the reporting burden for smaller firms as part of his drive to support them. His Treasury operation has ruled out any increase in capital gains tax, concerned about its potential negative impact on investment in the UK.

There had been speculation about the government considering a significant hike in capital gains tax, particularly after some key members of the Burnham administration supported the idea. However, Healey denied any plans to implement advanced proposals for an investment visa, which could have attracted super-rich foreigners to the UK by allowing them to stay permanently if they invested £5 million in the economy within five years.

The Chancellor stated that previous decisions to increase employer national insurance contributions and business rates were necessary to address the Conservatives' economic shortcomings but had left firms facing difficulties. He recognized the pressure businesses were under, including employment law, regulation, tax, input costs, and supply chain challenges, and emphasized the importance of considering both business and household cost pressures when preparing the Budget.