BCC Welcomes Labour Tax Roadmap Plans

01 Feb 2024

Published in: British Chambers of Commerce News

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Shevaun Haviland, Director General of the British Chambers of Commerce responds.

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Shevaun Haviland, Director General of the British Chambers of Commerce said:

“It is a very tough time for businesses at the moment and they urgently need stability and long-term certainty.

“We welcome today’s announcement from the Shadow Chancellor that she will publish a tax roadmap for business, if Labour wins power. It would help ensure simplicity, proportionality and certainty for future business planning. Any roadmap would also need to highlight how the tax burden for UK firms could be streamlined and be as fair as possible.

“The best way to grow the UK economy is by giving companies the space and financial capacity to grow. Firms also need the capacity to reinvest in their businesses, workforce, local communities and the wider economy.

“Businesses will also welcome a cap of 25% corporation tax over the life of the next parliament. This commitment will give both UK firms and global companies looking to invest here – the confidence to help the economy get back to sustainable growth.

“The Government was absolutely right to introduce full expensing and it is very reassuring to see labour commit to keeping it, alongside the annual investment allowance. We continue to call for full expensing to be extended to cover leased assets.”