Heed our wish list, Chancellor

TRADE BODIES SET OUT THEIR BUDGET PLEAS

INSTITUTE OF DIRECTORS MAKE UK

Overhaul business rates. Extend Kickstart scheme – creating jobs for 16 to 24-year-olds on Universal Credit – for at least 12 months.

Change apprenticeship levy.

BRITISH CHAMBERS OF COMMERCE

Help for small firms hit by any new Covid restrictions.

Moratorium on all policy measures that raise business costs, barring National Living Wage.

FIRMS are already counting the looming cost of the Chancellor’s hikes in national insurance and corporation tax.

Most are keeping their fingers crossed that there won’t be any more nasties in today’s Budget. Instead, they’re hoping Rishi Sunak will unveil measures to help them recover from the Covid crisis. Here’s the wish list from trade bodies...

Scale back planned rises in business taxes.

Extend the 130% super-deduction – tax cuts for investing in plant and machinery – beyond March 2023.

Expand research and development tax credits.

Business rates used to reward investment in areas in greatest need.

UKHOSPITALITY

Keep rate of VAT for the industry at 12.5%. Rate was cut during the Covid crisis to help struggling pubs, restaurants, hotels and others, but due to return to 20% next April.

BRITISH RETAIL CONSORTIUM

Cut business rates. Extend temporary visa scheme for lorry drivers. Use money from forthcoming Plastic Packaging tax to improve domestic recycling.

CBI FEDERATION OF SMALL BUSINESSES

Also warns of impact of higher business taxes. Increase the Employment Allowance from £4,000 to £5,000. Expand Small Business Rates Relief.

Warns any new business taxes will hit the economic recovery.

Stimulate longer-term business investment.

Reform business rates. Turn apprenticeship levy into lifelong learning levy.