East Midlands Chamber has renewed calls for firms to be protected from tax rises at the upcoming Autumn Budget, in comments following Chancellor Rachel Reeves’ Labour Party conference speech.
Director of Policy and Insight Richard Blackmore said: “While the Chancellor spoke of investment in various projects – and I welcome pledges to bring an end to youth unemployment and recent transport spending announced for the East Midlands with the Trent Arc – firms need reassurance they are not going to be hit with tax hikes again at the Autumn Budget. Government has already asked a lot of business, it cannot keep doing so under the guise of economic growth.
“On 26th November the Chancellor has an opportunity to prioritise the needs of businesses but after doubling down in the speech on the manifesto pledge to protect working people, firms will speculate as to the risk of rumoured tax increases that could go to them.
“Corporate taxation, along with inflation, were the greatest concerns of East Midlands firms in our most recent Quarterly Economic Survey. Having already had the headache of higher employer National Insurance contributions and a higher national living wage, which sent staff cost sheets rocketing after last year's Budget, it is essential that businesses do not have the burden of further costs imposed on them this year.”
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