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Business group urges Chancellor to ‘boost business investment’

 

In its Autumn Statement submission, the British Chambers of Commerce (BCC) has urged the Chancellor, Philip Hammond, to ‘incentivise business investment’, improve infrastructure and demonstrate continued support for business.

 

The business group also called on the Chancellor to use the upcoming Autumn Statement to reform the UK’s business rates system, improve the implementation of the Apprenticeship Levy and invest in ‘quick-start’ infrastructure projects, such as housing and broadband.

 

The BCC also recommended that the Government should not introduce new input taxes or other costs for businesses ‘for the remainder of this Parliament’, and that the Annual Investment Allowance (AIA) be temporarily widened to allow for business premises improvements.

 

Adam Marshall, Director General of the BCC, commented: ‘The Autumn Statement gives the Government a great chance to set the tone for its relationship with British businesses by pulling out all the stops to support investment, infrastructure improvements and business confidence.

‘Plans to lower business costs and support investment would help firms take risks and seize opportunities in spite of the ongoing uncertainty surrounding the Brexit process.

‘Westminster must do everything in its gift to improve the business environment – and firms will repay that backing with investment, hiring, training and export growth.’