Chancellor urged to be ‘bold and brave’ in budget statement

The Coventry and Warwickshire Chamber of Commerce (CWCC) has added it voice to the advice offered to the Chancellor by the British Chambers of Commerce (BCC), which urges Philip Hammond to take action across seven areas which the Chambers’ believe bolster economic growth.

The letter to the Chancellor calls on him to take ‘bold and brave’ action by, amongst other things, bringing forth a Brexit Investment Incentive by boosting the Annual Investment Allowance to £1m to stimulate domestic and international investment.

Louise Bennett, chief executive of CWCC said:”Brexit has naturally dominated so much of the talk in recent months, especially now as we are approaching crunch time in the negotiations.”

“But even if we get the best Brexit deal possible for Coventry and Warwickshire, there are still areas of the economy that require investment if we are to achieved sustained growth.”

Other suggestions made to the Chancellor by the BCC, supported by CWCC, are a Business Rates Investment Incentive, which would mean a 12 month delay on increasing rates on properties that have been improved or extended, as well as on new build.

At the same time, the Chambers’ want the uprating of business rates for all businesses on our high streets to be delayed for two years. Equally, the BCC has called on the Chancellor to delay the roll out of Making Tax Digital for all businesses, as well as a commitment to no new taxes or costs on companies for the remainder of this Parliament.

The last two points in the Chambers’ submission were for ‘real UK wide’ reform to the apprentice levy and greater urgency to provide funding to improve digital connectivity along our transport corridors to assist productivity.

Bennett concluded:”We believe this is the time to encourage greater investment because that is what will stimulate future growth in our economy, whatever Brexit looks like.”

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