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Further calls for Budget tax cuts ‘to boost business confidence’

The Government is facing further pressure to announce tax cuts in the forthcoming Budget, in order to stimulate economic growth and improve business confidence.

Shadow Chancellor Ed Balls has called on Chancellor George Osborne to cut VAT, which he said would be ‘the fastest and fairest way’ to boost confidence.

Other suggestions put forward by the Shadow Chancellor include cutting income tax by 3p, raising the income tax threshold to above £10,000, or increasing tax credits for working people.

The Institute for Fiscal Studies recently urged the Government to introduce ‘temporary and targeted’ tax cuts, to help Britain avoid further recession.

The Work Foundation has also urged the Chancellor to use the Budget to bolster business confidence. Charles Levy, senior economist at the think tank, said, ‘The Government urgently needs a coordinated plan for boosting investment, innovation and exports, and it must signal its intention to do this immediately’.

Meanwhile, the Chancellor has separately been urged to scrap the planned fuel duty rise, as the average price of diesel reached a record level of 143.05p a litre.

The 2012 Budget will take place on Wednesday 21 March. We will update our website following the Chancellor’s announcements, so be sure to visit the site regularly.