Ahead of the Budget on Wednesday, the Confederation of British Industry (CBI) said: “With businesses still in emergency mode, firms are sounding alarm bells that any significant tax rises in the short term would stifle their ability to invest, hamper UK competitiveness and hold back our recovery, just when we need them firing on all cylinders.”
Chancellor Rishi Sunak is rumoured to be weighing up bringing back the small profits rate, whereby smaller companies with turnover of up to £300,000 at pay only 20% of profits, which was axed by former chancellor George Osborne in 2015, to support small and medium-sized companies.
The CBI has outlined three measures the chancellor could take that would support the prime minister’s recovery roadmap and give businesses the boost they need to bring the country back to growth:
Furlough: Rishi Sunak urged to extend scheme as Britain needs Budget boost | Personal Finance | Finance express.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from express.co.uk Daily Mail and Mail on Sunday newspapers.