British entrepreneurs demanded from the head of the Ministry of Finance Rishi Sunak to stop raising taxes and instead to assist the business that suffers from the consequences of Brexit, a pandemic and climate crisis. According to Reuters, the Confederation of the British Industry (CBI) called on the Sunak to revise the tax system when it presents a budget plan on October 27.
“No details on important economic solutions that we need to accept as a country – the biggest problem for business,” said CEB CEO Tony Dunker. He advised Sunac to stop raising taxes for companies that invest in a decrease in carbon emissions. Tony Dunker also stated that it is necessary to speed up the development of new infrastructure projects and rewrite market rules to attract more private investors.
Earlier in September, CBI and other employers rebelled due to improving social security contributions. According to entrepreneurs, excess waste will lead to a reduction in employees and an increase in unemployment.
In March, the Government also announced an increase in taxes for corporations since 2023 to close the hole in the budget, which remained after Sunak sent 350 billion pounds (485 billion dollars) to fight the coronavirus pandemic. “I am deeply concerned that the government believes that the taxation of the business is perhaps more politically acceptable – there is no consequences for growth,” Dunker said.
Britain struggles with a record shortage of labor, which slows down the restoration of the economy after a pandemic. GDP in July increased by only 0.1 percent, despite the fact that the government removed almost all the limitations introduced during a pandemic. Partly the lack of employees is caused by brekes, due to which many migrants cannot get working visas. Such a problem faced, for example, truck drivers: truckers deficiency in the country leads to interruptions in the supply. The government even simplifies the requirements for obtaining a driver’s license, but some officials doubt that this measure will help in resolving the crisis.