“We’ve consistently urged the Chancellor not to increase business taxes for the rest of this parliament to give firms the certainty, confidence and resources to invest and grow. If tax increases are absolutely necessary, as she alluded to this morning, then a new approach to fiscal policy and planning is needed. It would be a mistake later this month to implement big changes in one go, as demonstrated by the fallout from the previous Budget. Recent experience shows a big bang approach to tax rises leaves businesses in shock and stops investment, recruitment and therefore economic growth in its tracks.
“Instead, the government should consider phasing-in any major tax rises over several years to mitigate the adverse economic consequences, while minimising the impact of these changes on people and businesses, and by extension, the economy.”
ENDS
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