UK businesses decry government’s additional tax
Businesses in Britain asked Finance Minister Rishi Sunak to avoid tax rate hikes and help with problems rooted from the COVID-19 pandemic, climate change, and Brexit. The minister will deliver major budget statements next month.
The Confederation of British Industry encouraged Sunak to “flip business taxation on its head” when he unveils new tax plans and spending plan for three years on October 27.
CBI Director General Tony Danker said Sunak should refrain from charging higher property tax to companies investing for less carbon emission efforts.
Danker said the government should instead commit for more skills training, infrastructure projects, and market regulation revisions.
Protests from the CBI and other employer groups erupted following the government’s plan to expand social security contributions to finance, social, and health care.
The government already announced a huge increase in corporation tax in 2023 to make up for Sunak’s COVID-19 budget of 350 billion pound ($485 billion) that left a hole in Britain’s public finances.