• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

UK employers, stung by new levies, call for overhaul of tax and regulation

September 13, 2021 by David Barret Leave a Comment

September 13, 2021

By William Schomberg

LONDON (Reuters) -British businesses demanded that finance minister Rishi Sunak stop raising their taxes and instead offer more help to meet the challenges of Brexit, COVID-19 and climate change when he makes major budget statements next month.

The Confederation of British Industry urged Sunak to “flip business taxation on its head” when he sets out new tax proposals and a three-year spending plan on Oct. 27.

“The lack of detail and pace from the government on some of the big economic choices we must make as a country are the biggest concerns for business,” CBI Director General Tony Danker said in a speech at Alliance Manchester Business School.

Danker told Sunak to stop hitting companies that invest in making their premises less carbon-intensive with increased property tax payments, a quirk of the business rates system.

He also said more needed to be done to boost skills training, speed up the development of new infrastructure projects such as Britain’s delayed high-speed railway and rewrite market rules to attract more private investment.

“Traditional UK regulation – and this is not without controversy – has always prioritised competition and consumer price. Those things remain vital, but the pendulum has surely swung too far when the UK is bottom of the league table for investment,” he said.

Britain’s government should help create new markets — as it had with regulation around offshore wind turbines — and enable businesses to reinvest profits in innovation, he said.

The CBI and other employer groups protested last week that jobs would be lost after the government said it would increase social security contributions to fund social and health care.

That followed March’s announcement of a big increase in corporation tax from 2023 to help fix the hole in Britain’s public finances left by Sunak’s 350 billion-pound ($485 billion) spending response to the coronavirus pandemic.

“I am deeply worried the government thinks that taxing business – perhaps more politically palatable – is without consequence to growth,” Danker said.

As well as next month’s budget announcements, Sunak and Prime Minister Boris Johnson are due to discuss investment plans with business leaders and institutional investors in October.

British productivity levels have been more than 20% lower than those in the United States, France and Germany for the past two decades. Business investment has also lagged behind those three countries every year since at least 2000, according to the Organisation for Economic Cooperation and Development.

Danker said a two-year tax break introduced this year by Sunak to spur businesses investment would simply bring forward investment planned for later years and was limited in scope.

($1 = 0.7209 pounds)

(Additional reporting by David MillikenEditing by Peter Graff)

Source Link UK employers, stung by new levies, call for overhaul of tax and regulation

David Barret
David Barret

Related posts:

  1. France says UK must stick to commitments on migrant crossings
  2. Nuula raises $120M to build out a financial services ‘superapp’ aimed at SMBs
  3. Twitter users in Turkey can now emoji-react to tweets
  4. Chad hopes for ‘favourable opinion’ from Glencore on debt restructuring

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • First-Ever Footage Of Sun’s South Pole, What’s Up With The NB.1.8.1 COVID-19 Variant? And Much More This Week
  • How Many People Survived The Titanic?
  • With Quantum Entanglement And Blockchain, We Can Finally Generate Real Random Numbers
  • Atmospheric Rivers Over Antarctica Could Double By 2100 Due To Climate Change
  • Ice Age Puppies, Sauropod’s Last Supper, And A First Look At The Sun’s Butt
  • “Mother Nature” Has Legal Rights In Ecuador, But Does It Help Save The Planet?
  • Now Is The Best Time To See The Milky Way’s Glowing Core In All Its Glory
  • Why Does Japan Have Blue Traffic Lights? It’s All To Do With Language
  • Phantom Pain Isn’t Limited To Limbs, See Also: Erections, Period Cramps, And Farts
  • 1782, The Year A Caterpillar Outbreak Terrified London
  • “It Shoots This Gooey, Gross, Juicy Thing That Freezes Its Enemies”: Is This The World’s Weirdest Worm?
  • Lithium-Rich Mineral Found In Only One Place On Earth Has Its Recipe Finally Revealed
  • There Is A Very Particular Reason Why Baboons Travel In Straight Lines
  • 2,000-Year-Old Leather Shoe Reveals Some Roman Soldiers Had Massive Feet
  • NASA Might Have Accidentally Landed Near A Volcano On Mars
  • “Breakthrough” Technique Could Produce “Smart” Dental Implants That Feel And Function Like Real Teeth
  • MERS-Like Coronaviruses May Be Just “A Small Step Away” From Jumping Into Humans
  • A 1-Kilometer-Long Stone Age Megastructure Under The Baltic Sea Is Being Investigated By Archaeologists
  • New Deepest Map Of The Universe Reaches Back 13.5 Billion Years Into The Past
  • The Guugu Yimithirr Language Is Notable For Not Having A “Left” Or “Right”
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version