Latest news with #BritishChambersOfCommerce
Bloomberg
2 days ago
- Business
- Bloomberg
BCC Warns Reeves Not to Hike Corporate Taxes
The head of the British Chambers of Commerce, Shevaun Haviland, is warning the UK government not to hike corporate taxes. She warns it could stifle economic growth, slow down the economy and cause a vicious cycle. She says higher corporate taxation won't "get the growth the government wants to see." She spoke with Bloomberg's Joe Mayes on June 25. (Source: Bloomberg)
Bloomberg
2 days ago
- Business
- Bloomberg
BCC Director General Shevaun Haviland on BTV
The Director General of the British Chambers of Commerce, Shevaun Haviland, speaks with Bloomberg's Joe Mayes about the UK economy, trade and corporate taxation. Interview was recorded on June 25. (Source: Bloomberg)
Telegraph
2 days ago
- Business
- Telegraph
Watch live: Starmer addresses business leaders amid welfare rebellion
Sir Keir Starmer admitted he has 'asked a lot' of businesses in an address to British bosses as he faced a rebellion from his own MPs over his flagship welfare reforms. He told the British Chambers of Commerce Global Annual Conference in London that firms were responsible for 'creating the jobs, the wealth, the tax receipts that means that we have the opportunity to change our country for the better'. The Prime Minister said: 'I fully acknowledge, and I do acknowledge here, that this year, as we've had to fix the foundations of our country, deal with the unprecedented mess that we inherited, we have asked a lot of you. 'I understand that and I want to acknowledge that.' It comes as ministers discuss the prospect of further concessions to win over a growing list of Labour MPs poised to rebel against planned welfare reforms ahead of a crunch vote next week. Deputy Prime Minister Angela Rayner said talks between backbenchers and Government were 'ongoing' on Wednesday night as Downing Street seeks to head off what would be Sir Keir Starmer's first Commons defeat. It came as six more Labour MPs added their names to an amendment that would halt the legislation in its tracks, arguing disabled people have not been properly consulted and further scrutiny of the changes is needed.
Yahoo
2 days ago
- Business
- Yahoo
Reeves warned taxes are ‘paralysing' business as a third slash jobs
Rachel Reeves has been warned that tax rises are 'paralysing' British businesses, with one in three companies cutting jobs to weather the £25bn National Insurance raid. Shevaun Haviland, head of the British Chambers of Commerce (BCC), will on Thursday tell the Chancellor not to increase taxes on business in the autumn, warning that doing so would damage growth. She will say at the BCC's annual conference: 'The Government needs to use the tax system to incentivise growth, not kill it. Increased taxation is paralysing business.' A BCC survey of more than 570 businesses found that one in three had either already cut jobs or were preparing to in response to the increase in employers' National Insurance contributions, which took effect in April. Ms Haviland will say: 'The size and scale of the rise in National Insurance contributions (NICs) took businesses by surprise. 'We were unprepared for the huge burden placed upon us, and it led many of us to rethink our growth plans. As a result, our business confidence measures have fallen to their lowest levels since 2022. 'For the Government to achieve its Growth Mission, people need to stay in work and businesses need to invest. As always, businesses soak it up and move forward, but they feel like they are wading through treacle.' Separately research from think tank The Entrepreneurs Network found the vast majority of entrepreneurs were unhappy with the tax burden, and only 8pc believed the Labour Government understood their needs. One in six founders was looking to sell their business and one in 10 planned to leave the UK. Eamonn Ives, the think tank's research director, said: 'The fact so few founders believe the Government understands what they require to grow is highly concerning. 'Whether it's by lowering the burden of taxation or simplifying our immigration system, the Government should be unstinting in ensuring that Britain is set up to actively support wealth creation here within our own shores.' The Weil European Distress Index, published on Thursday, also warned that British businesses were experiencing some of the highest levels of corporate distress in Europe, in a warning sign that could foreshadow rising insolvencies. High borrowing costs, weak investment and faltering investment were blamed for UK companies' misery, with only German corporates struggling more. Distress is defined by falling profits, valuations and rising insolvency risk. Across Europe, the level of distress in the retail sector is now at the highest level since the financial crisis. Andrew Wilkinson, of Weil's London restructuring practice, said: 'Retail's position is a warning sign: rising costs and falling confidence are pushing firms to their limits.' Ms Haviland's plea comes amid mounting expectations that the Chancellor will be forced to raise taxes again in autumn to meet her fiscal rules. Sir Keir Starmer's winter fuel payment about-turn, a rumoured end of the two-child benefit cap, higher government borrowing costs and a possible productivity downgrade have all piled pressure on Ms Reeves plans. Donald Trump's trade war and a need to ramp up defence spending are also adding to the Chancellor's woes. Capital Economics has said Ms Reeves may have to find as much as £23bn in autumn, with limited levers to pull because of Labour's manifesto pledges not to raise income tax, National Insurance or VAT. As a result, companies fear they will be targeted again. The Treasury was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Telegraph
2 days ago
- Business
- Telegraph
Reeves warned taxes are ‘paralysing' business as a third slash jobs
Rachel Reeves has been warned that tax rises are 'paralysing' British businesses, with one in three companies cutting jobs to weather the £25bn National Insurance raid. Shevaun Haviland, head of the British Chambers of Commerce (BCC), will on Thursday tell the Chancellor not to increase taxes on business in the autumn, warning that doing so would damage growth. She will say at the BCC's annual conference: 'The Government needs to use the tax system to incentivise growth, not kill it. Increased taxation is paralysing business.' A BCC survey of more than 570 businesses found that one in three had either already cut jobs or were preparing to in response to the increase in employers' National Insurance contributions, which took effect in April. Ms Haviland will say: 'The size and scale of the rise in National Insurance contributions (NICs) took businesses by surprise. 'We were unprepared for the huge burden placed upon us, and it led many of us to rethink our growth plans. As a result, our business confidence measures have fallen to their lowest levels since 2022. 'For the Government to achieve its Growth Mission, people need to stay in work and businesses need to invest. As always, businesses soak it up and move forward, but they feel like they are wading through treacle.' Separately research from think tank The Entrepreneurs Network found the vast majority of entrepreneurs were unhappy with the tax burden, and only 8pc believed the Labour Government understood their needs. One in six founders was looking to sell their business and one in 10 planned to leave the UK. Lowering the burden Eamonn Ives, the think tank's research director, said: 'The fact so few founders believe the Government understands what they require to grow is highly concerning. 'Whether it's by lowering the burden of taxation or simplifying our immigration system, the Government should be unstinting in ensuring that Britain is set up to actively support wealth creation here within our own shores.' The Weil European Distress Index, published on Thursday, also warned that British businesses were experiencing some of the highest levels of corporate distress in Europe, in a warning sign that could foreshadow rising insolvencies. High borrowing costs, weak investment and faltering investment were blamed for UK companies' misery, with only German corporates struggling more. Distress is defined by falling profits, valuations and rising insolvency risk. Across Europe, the level of distress in the retail sector is now at the highest level since the financial crisis. Andrew Wilkinson, of Weil's London restructuring practice, said: 'Retail's position is a warning sign: rising costs and falling confidence are pushing firms to their limits.'
