"The BCC's budget submission focuses on policies to encourage investment, strengthen the workforce, support exports and develop infrastructure. The BCCs top four recommendations are for the Chancellor not to make more taxes on business, alongside reforming business rates and the axing of the windfall tax on oil and gas Labour should prioritise infrastructure investment and approval, including more rail projects, alongside a new runway at Heathrow and continued support for Gatwick and Luton."
"This research shows that while the economy is forecast to grow 1.3% in 2025 this will not be enough to shift the dial on investment or fill the Chancellor's fiscal black hole. Business confidence crumbled in the aftermath of last year's budget after firms were hit with large increases in employment costs and it has not recovered. Inflation has also remained stubbornly above the Bank of England's target, while the UK's goods trade deficit has widened and unemployment has climbed."
The British Chambers of Commerce urges the Chancellor to prioritize policies that encourage investment, strengthen the workforce, support exports and develop infrastructure. Its top recommendations include avoiding further business taxes, reforming business rates and scrapping the windfall tax on oil and gas. The BCC calls for prioritised infrastructure approvals and projects, including more rail, a Heathrow runway and backing for Gatwick and Luton. It recommends cutting customs barriers, funding digital trade and creating trade accelerators to boost exports. The BCC urges action on chronic skills shortages, proposing a wage subsidy for young people with long-term health issues. Surveys show low confidence, weak investment and modest growth forecasts.
Read at London Business News | Londonlovesbusiness.com
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