BCC calls for tax cuts to save economy

The British Chambers of Commerce (BCC) has urged the Government to take "bolder and more ambitious" action to help keep business afloat and support jobs amid the coronavirus crisis. Outlining measures the BCC feels are required to boost the economy, president Baroness Ruby McGregor-Smith said more than £20bn of tax cuts are needed to save jobs and boost investment. The BCC has suggested raising the threshold at which employers' national insurance contributions kick in from £8,788 to £12,500 and increasing the Employment Allowance from £4,000 to £20,000. To boost investment, it suggests extending the Annual Investment Allowance at £1m for another two years and continuing 100% business rates relief for industries hit by the pandemic and restrictions it prompted.