CBI calls for tax cuts in Budget

The Confederation of British Industry has called for the Chancellor of the Exchequer to cut taxes by 1bn in November’s Budget to help small businesses. In its annual Budget representation, the CBI renewed calls for a prudent Budget which would reduce public borrowing and focus Government priorities on assisting small and medium-sized enterprises by removing barriers to their expansion.

A further initiative put forward by the CBI to aid small businesses includes raising the profits limits applied to smaller companies’ 24 per cent corporate tax.