Oxfordshire firms urge Chancellor to ease Budget pressure

Summarised from 2 outlets · Updated 26 Oct, 06:01 · Archive

Oxfordshire business leaders are calling for stability and lower costs ahead of Chancellor John Healey's Budget on 28 October.

Oxfordshire business leaders are calling for stability, lower costs and targeted reforms from the government ahead of Chancellor John Healey's Budget on 28 October. They say the right measures could give them the certainty they need to grow and invest with confidence. Mike Shearan, senior tax manager at Whitley Stimpson, said businesses are not asking for giveaways but want enough certainty to plan and hire with confidence.

Over the past two years, businesses have absorbed higher employer National Insurance and rising wage bills, with a long list of tax changes still to take effect. Many owners feel they are running hard just to stand still, so a Budget that avoids adding to that burden would be welcome.

The Institute of Chartered Accountants in England and Wales reports that business sentiment has remained negative for seven consecutive quarters. Confidence briefly rose to 7.3 in August, buoyed by stronger sales and profit growth, but dipped to minus 0.5 in September amid rising oil and gas prices. The ICAEW is urging the Chancellor to freeze the business rates multiplier for a year and commit to long-term reform. The government has already pledged wider changes to business rates in the forthcoming Budget, including updates to Small Business Rates Relief.

Oxfordshire firms urge Chancellor to ease Budget pressure — Image: Oxfordshire Guardian

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How it is being reported

Oxfordshire firms urge Chancellor to ease pressure in BudgetOxfordshire firms, supported by advice from Whitley Stimpson, are calling for stability, lower costs and targeted reforms.Oxfordshire Guardian · 26 Oct, 05:00
Oxfordshire firms urge Chancellor to ease pressure in BudgetOxfordshire firms, supported by advice from Whitley Stimpson, are calling for stability, lower costs and targeted reforms.Oxford Mail · 26 Oct, 05:00

In this story: John Healey · Whitley Stimpson · Institute of Chartered Accountants in England and Wales · Oxfordshire

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