Business groups set out Autumn Budget wish lists

The Federation of Small Businesses (FSB) and the Confederation of British Industry (CBI) have called on Chancellor Philip Hammond to support Britain’s small and medium-sized enterprises (SMEs) in the upcoming Autumn Budget announcements.

Setting out their respective wish lists ahead of 22 November, the two groups have urged the Chancellor to pump more money into infrastructure and employee training, in a bid to help Britain’s small businesses ‘grow their way out of austerity’.

The two groups have also said that urgent reforms to recent business rate hikes must be considered.

According to reports, the FSB and CBI have argued that switching business rate hikes from the retail prices index to the substantially lower consumer prices index would go a long way to ease the tax burden on small firms.

The groups have also said that new investment should be exempt from the local levy.

CBI Director General Carolyn Fairbairn, said: “The UK’s tax system should help rather than hinder firms’ competitiveness and underline the country’s attractiveness as a fantastic place to do business.

“To create stability, the Chancellor should set a high bar for tax changes, focusing on targeted measures that address the current economic challenges: supporting investment and productivity growth.

“Ministers need to build on the basics to get our economy in shape for the challenges ahead by committing to a pro-enterprise environment and maintaining a relentless focus on the drivers of productivity,” she said.

“Ultimately, building a more prosperous and fairer society requires a relentless commitment to pursuing productivity improvements.”