Spring Budget must ease cost pressures on businesses, says BCC

3rd March 2023 | News

The British Chambers of Commerce (BCC) has urged Chancellor Jeremy Hunt to use the upcoming Spring Budget to help ease cost pressures on small businesses.

Research carried out by the BCC revealed that 65% of firms are planning to raise prices due to cost pressures. In addition, 47% of firms stated that paying their energy bills will be difficult when the current energy support package ends.

The business group also found that 30% of businesses feel regularly troubled about taxation and regulation.

Shevaun Haviland, Director General of the BCC, said:

‘This snapshot of the state of play for business at the start of 2023 sets out exactly why the Chancellor must act in his Budget to fuel investment in the UK.

‘We know we have a tough year ahead. With costs piling up on their doorsteps and so much uncertainty on government policies, there is currently little incentive for firms to risk either their dwindling cash reserves or fresh loans on new projects.

‘Firms know that the UK’s finances are tight, but the Chancellor needs to show more faith in the ability and talent of our businesses.’

Internet link: BCC website

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

Global Association

News

What are the tax implications of hybrid working?

The ongoing transformation toward hybrid models in the world of work, catalysed by the enduring impacts of the coronavirus pandemic, necessitates a thorough consideration of employment tax implications. As employees increasingly divide their work time between...

Autumn Statement 2023: In Summary

Chancellor Jeremy Hunt has this afternoon announced his Autumn Statement. He has cut taxes for businesses with what he describes as the ‘biggest tax cut in modern British history’. Hunt has also ushered in tax cuts for individuals, with the lowering of National...

© 2023 Williamson & Croft