CBI calls for tax breaks

THE Chancellor is under mounting pressure to ease the burden on businesses and provide a boost to manufacturers.

The CBI called on Philip Hammond to use next month’s Budget to offer factories tax breaks on new plants and machinery to kick-start investment.

The business organisation also urged him to reform business rates. The CBI’s demands came as it reported that manufacturing growth has slowed since the summer.

‘Growth in output and orders are still above historical norms,’ said Rain Newton-Smith, chief economist at the CBI. ‘But we’ve seen a general softening in manufacturing activity over the past three months.’