Businesses warn on tax

Business and economists warn Sunak over tax planRishi Sunak has been warned against a tax raid on businesses, with business leaders and economists voicing concern over reports that the Chancellor is considering increasing corporation tax in his March 3 budget as he looks to tackle the deficit. Matt Kilcoyne, deputy director of the Adam Smith Institute, believes that if he pushes ahead with the mooted increase, the Chancellor “risks slamming the brakes on an economy that looks like it is just about to get back up to speed and that is a fool’s errand.” Adam Marshall, the director-general of the British Chambers of Commerce, said: “The time now is to demonstrate that we are open for business. Far better to signal no immediate tax rises at all.” Julian Jessop, a fellow at the Institute of Economic Affairs, said he “despaired” at talk of tax rises amid ongoing Brexit disruption, insisting: “Now is not the time to raise any sort of tax.”