The changes announced today by new Chancellor of the Exchequer, Kwasi Kwarteng, will reverse the rise in national insurance contributions and the proposed increase in corporation tax, will reduce the top rate of income tax immediately and the basic rate in April and introduces a range of measures designed to boost growth. This announcement was preceded by a statement on Wednesday outlining a six-month energy price cap for businesses.
Commenting on these announcements, BAB CEO, Duncan Edwards, said:
“Our members are glad to see the Prime Minister and her Cabinet have adopted a pro-business, pro-growth agenda with much-needed support for businesses and households.
The introduction of the energy support package and reduction in the overall tax burden will help businesses, and particularly smaller companies, as they battle increasing inflation and energy costs. The announcements this week are clearly welcome measures from the Government which will help encourage economic growth and support jobs and businesses across the UK.
We encourage the Government to continue to work closely with businesses to ensure that short-term support measures are delivered quickly, and longer-term strategies are in place to maintain the overall strength and competitiveness of the UK market.”
