Industry groups are calling upon the new Chancellor, Jeremy Hunt, to announce further reforms to help strengthen the economy in the upcoming medium-term fiscal plan.
The Chancellor, who is expected to announce the upcoming changes in the House of Commons on 17 November, has already repealed the majority of his predecessor Kwasi Kwarteng's plans.
On 14 October, just a matter of weeks after Kwarteng's fiscal statement, Mr Hunt cancelled around almost all of Kwarteng's tax cuts apart from the cut to National Insurance and the raising of the Stamp Duty threshold.
With the announcement just days away, however, more and more industry groups are expressing their wishes for further action from both the Chancellor and new Prime Minister Rishi Sunak.
Industry goals
The director general of the British Chambers of Commerce (BCC), Shevaun Haviland, has welcomed the news of Mr Sunak's appointment as Prime Minister and hopes for more stability in both the Government and the economy.
"Firstly, the Government must provide more certainty on the energy support package for businesses and quickly communicate how the system will work from April. Firms need to know what support to expect in the medium and long term, " she said.
"Secondly, they must fix the extremely tight labour market. Without the skilled people to do the jobs businesses need, the economy will stagnate.
"Thirdly, to grow the economy, the Government must set out a strategy to boost our international trade and exports."
Martin McTague, national chair of the Federation of Small Businesses (FSB), echoed the BCC's wishes for further support for businesses. He said:
"There must be a focus on securing prosperity for the longer term, making sure we have the right support for improving broadband, housebuilding, labour supply, and the tax and regulatory framework - so we can build our way out of the increasingly negative economic climate."
The Institute of Directors (IoD) has published an open letter to the Chancellor, mapping out what it would like to happen to nurture the country.
In the letter, the IoD said the 130% super deduction should be made permanent, with the aim of business investment continuing to grow.
The IoD also advocated "using corporation tax to incentivise net zero" by creating a "wedge" between the rate paid by "those businesses that are net zero and those that are not".
Former Chancellor Kwasi Kwarteng had announced that corporation tax would no longer increase to 25% and remain at 19%. However, Jeremy Hunt repealed this change and said it would indeed be increased from April 2023.
Jonathan Geldart, director general of the IoD, said:
"Macroeconomic stability is the rock on which prosperity is built. Without stability and confidence, growth is impossible. Our members tell us that the top negative issue affecting their organisations at the moment is UK economic conditions."
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