Latest news with #ShevaunHaviland
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)
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
The Guardian
2 days ago
- Business
- The Guardian
UK businesses plead for no more tax rises; Shell says it has ‘no intention' of bidding for BP
Update: Date: Title: Introduction: UK businesses plead for no more tax rises Content: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. UK businesses are urging the government to resist any temptation to impose further taxes on them, warning it would undermine Keir Starmer and Rachel Reeves's mission to grow the economy. Business leaders are gathering at the QEII Conference Centre in central London today, for the British Chambers of Commerce's annual conference, where memories of last autumn's budget tax hikes are still fresh. Shevaun Haviland, the BCC's director general, will declare that if the government is serious about growth, then it cannot tax business any further. She'll warn that businesses were taken by surprise by the size and scale of the rise in National Insurance Contributions in the last budget. Haviland is expected to say: '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.' New research released by the BCC shows that the tax hike has hit hiring. It found that: One third of firms (32%) said they have either made staff redundant or are planning to as a direct result of the NICs increase. 13% say they have already made staff redundant and 19% say they are actively considering redundancies Business chiefs will also hear from Andrew Bailey, the governor of the Bank of England, and Kemi Badenoch, the Conservative Party leader. The BCC's intervention comes as the government struggles to keep within its fiscal rules, with forecasts it may need to raise taxes in the autumn. Ministers also face a significant rebellion the benefit cuts within its welfare bill. Abandoning the bill would blow a £5bn hole in Rachel Reeves' budget. The government is also trying to woo businesses with a flurry of strategic plans. Earlier this week it unveiled its industrial strategy, and today it is presenting a trade strategy – which it says will protect vital UK industries and help businesses export. 9.15am BST: 'Senior cabinet minister' addresses BCC's annual conference. 9.45am BST: Shevaun Haviland, director general of the BCC, addresses its conference 12pm BST: Andrew Bailey, governor of the Bank of England, addresses BCC annual conference 1.30pm BST: Latest estimate of US GDP for Q1 2025 3.25pm Kemi Badenoch MP, Leader Of The Opposition, addresses BCC annual conference Update: Date: 2025-06-26T06:27:14.000Z Title: Shell says it has 'no intention' of making offer for BP Content: Energy giant Shell has declared it has 'no intention' of making an offer for rival BP, after takeover speculation swept the City last night. In a statement to the City, Shell insists it has not approached BP, and that no talks have taken place. It says: In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer. Under the takeover code, this means Shell can't bid for BP for six months, unless it has the agreement of BP's board, or if another company bids for BP, or if BP asks for a code waiver, or if there is a material change of circumstances. Shell explains: This is a statement to which Rule 2.8 of the Code applies and accordingly Shell confirms it has no intention of making an offer for BP. As a result Shell will be bound by the restrictions set out in Rule 2.8 of the Code. Last night, the Wall Street Journal reported that 'early-stage talks' were taking place between Shell and BP to agree a historic £60bn takeover to create one of the world's largest oil and gas companies. BP has been the subject of takeover speculation as investors have been unconvinced by its turnaround plan, pushing its value down over the last year. Update: Date: 2025-06-26T06:26:05.000Z Title: Introduction: UK businesses plead for no more tax rises Content: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. UK businesses are urging the government to resist any temptation to impose further taxes on them, warning it would undermine Keir Starmer and Rachel Reeves's mission to grow the economy. Business leaders are gathering at the QEII Conference Centre in central London today, for the British Chambers of Commerce's annual conference, where memories of last autumn's budget tax hikes are still fresh. Shevaun Haviland, the BCC's director general, will declare that if the government is serious about growth, then it cannot tax business any further. She'll warn that businesses were taken by surprise by the size and scale of the rise in National Insurance Contributions in the last budget. Haviland is expected to say: '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.' New research released by the BCC shows that the tax hike has hit hiring. It found that: One third of firms (32%) said they have either made staff redundant or are planning to as a direct result of the NICs increase. 13% say they have already made staff redundant and 19% say they are actively considering redundancies Business chiefs will also hear from Andrew Bailey, the governor of the Bank of England, and Kemi Badenoch, the Conservative Party leader. The BCC's intervention comes as the government struggles to keep within its fiscal rules, with forecasts it may need to raise taxes in the autumn. Ministers also face a significant rebellion the benefit cuts within its welfare bill. Abandoning the bill would blow a £5bn hole in Rachel Reeves' budget. The government is also trying to woo businesses with a flurry of strategic plans. Earlier this week it unveiled its industrial strategy, and today it is presenting a trade strategy – which it says will protect vital UK industries and help businesses export. 9.15am BST: 'Senior cabinet minister' addresses BCC's annual conference. 9.45am BST: Shevaun Haviland, director general of the BCC, addresses its conference 12pm BST: Andrew Bailey, governor of the Bank of England, addresses BCC annual conference 1.30pm BST: Latest estimate of US GDP for Q1 2025 3.25pm Kemi Badenoch MP, Leader Of The Opposition, addresses BCC annual conference
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.'
