The chancellor should use the Summer Budget on 8 July to ensure that businesses of all sizes have the stability they need to drive growth, the Confederation of British Industry (CBI) has said.
The director general of the CBI, John Cridland, used a meeting with the chancellor to put forward a number of potential measures for inclusion in the Budget. The proposed measures are focused on boosting investing, sealing in deficit progress and creating jobs.
The CBI is calling for:
- a plan to boost productivity through increasing firms access to long-term capital
- the introduction of a business tax roadmap to provide clarity on the range of current business taxes
- details on the fiscal rules regarding future deficit reduction
- an increase in the Annual Investment Allowance to £250,000 from 2016.
John Cridland said:
“Firms of all sizes, especially ambitious, disruptive and growing ones, need to see the government build on welcome steps in the last Parliament to support investment.
“It should now act now to promote stability and certainty in tax policy through a commitment to introduce a roadmap which covers all business taxes.”