Budget tax hikes would be ‘road to ruin,’ Healey warned

cityam09-07

The BCC has urged Healey to cut taxes (Gerald Herbert/AP Photo via PA Wire) A top City trade body has warned Chancellor John Healey that tax hikes at the October Budget would set the UK on the “road ...

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href=https://www.cityam.com/budget-tax-hikes-would-be-road-to-ruin-healey-warned/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The BCC has urged Healey to cut taxes (Gerald Herbert/AP Photo via PA Wire) A top City trade body has warned Chancellor John Healey that tax hikes at the October Budget would set the UK on the “road ...</p>\n\n<a href=\"https://www.cityam.com/budget-tax-hikes-would-be-road-to-ruin-healey-warned/\">Source 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has urged the Chancellor not to “pile more taxes on firms,” saying that the Treasury should instead cut the costs facing firms to secure economic growth.Shevaun Haviland, the BCC’s director general, said: “The Chancellor must use his first budget to cut the cost of doing business, allowing everyone to reap the economic benefits.The government should fund cuts to employer National Insurance Contributions  for all under-25-year-olds by replacing the triple lock on the state pension, the trade body said.In recent months, leading economists and former government ministers have ramped up pressure on the government to scrap the triple lock, which they say is becoming an unsustainable drain on the public finances.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4104":"贸易公司与经销商","BK4567":"ESG概念","BCC":"Boise Cascade L.L.C."},"translate_title":"希利警告说，提高预算税将是 “毁灭之路”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BCC":1},"content_text":"The BCC has urged Healey to cut taxes (Gerald Herbert/AP Photo via PA Wire) A top City trade body has warned Chancellor John Healey that tax hikes at the October Budget would set the UK on the “road to ruin”. The British Chambers of Commerce (BCC) has urged the Chancellor not to “pile more taxes on firms,” saying that the Treasury should instead cut the costs facing firms to secure economic growth. Shevaun Haviland, the BCC’s director general, said: “The Chancellor must use his first budget to cut the cost of doing business, allowing everyone to reap the economic benefits. \n\n“Piling more taxes on firms, would be a road to ruin, and the quickest way to destroy business confidence.”The industry body has set out a list of demands for the Chancellor, which include helping young people back into work, cutting business energy bills and setting a roadmap to reduce taxes. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDitch triple lock to lower employment costs, Healey urgedThe BCC has said that slashing employment costs is one of the biggest actions Healey could take to soften the headwinds facing British firms. \n\nThe government should fund cuts to employer National Insurance Contributions (NICs) for all under-25-year-olds by replacing the triple lock on the state pension, the trade body said.In recent months, leading economists and former government ministers have ramped up pressure on the government to scrap the triple lock, which they say is becoming an unsustainable drain on the public 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