Hammond urged to freeze business rates in Autumn Budget
Chancellor Philip Hammond has been urged to consider important reforms to business rates ahead of the upcoming Autumn Budget on 22 November.
The calls come amid concerns that a rise in business rates currently expected for next year would cause problems for a number of businesses.
The British Chambers of Commerce (BCC) has called on Mr Hammond to consider halting the rise, in a bid to bolster Britain’s business community and to encourage firms to invest and grow despite political uncertainty.
The group, which represents some 75,000 companies all across the country, has also suggested that the Chancellor should ‘abandon’ an annual business rates hike for the next two years.
Additionally, the BCC has said that the Chancellor should commit to keeping the UK’s corporate tax rate fixed at 19 per cent until Britain has left the European Union (EU).
BCC Director General Adam Marshall, said: “At a critical moment for the UK economy, the Chancellor must be bold – and deliver a big Budget that prioritises economic confidence and investment.
“Action to slash the up-front costs faced by business, to incentivise investment, and to improve mobile coverage and infrastructure would lead to a real boost to productivity, wages and trade.
“A failure to act would hit the high street, manufacturers and others hard – and undermine the sort of investment we need to boost productivity,” he said.