The British Chambers of Commerce (BCC) released its submission ahead of Monday's Pre-Budget Report. Some immediate measures the BCC is calling to include the reintroduction of empty premises tax relief, reductions in National Insurance Contribution rates and reversing the increase in small companies corporation tax.
Director-General of the BCC, David Frost, said:"Britain is facing an extraordinary period in its economic history. Current circumstances are unique, and the global credit crisis is entering a critical phase."Monetary policy alone is not enough to help businesses and consumers under unprecedented financial pressure. An effective fiscal package, with tax cuts for businesses at its very core is paramount.
"Tim Hutchings, Hertfordshire Chamber of Commerce & Industry Chief Executive, “ We have been calling for cuts in businesses taxes for sometime now, they are long overdue and as the economy contracts government needs to be doing more to help”.
“Whilst Government has a key part to play it is also essential that the Banks begin to play theirs. We desperately need them to signal their intent to resume business and for them to start providing reasonable support for the many local businesses who have unwittingly got caught up in a mess that what not of their making. They have clearly been culpable in creating the current problem and have a clear responsibility to do what they can to rectify things. At the moment there is little evidence to suggest they are keen to do so”.
For further information contact Hertfordshire Chamber of Commerce & Industry on 01707 398400