After a year of surprises, the latest Budget was a stable one for business, helping firms to stay on an even keel
Welcome reforms to business rates, a further reduction in the headline Corporation Tax rate, and progress on some infrastructure projects, from HS3 to 5G, meant positive news for firms in this March Budget.
But CBI director-general Carolyn Fairbairn warned: “Changes to the tax treatment of losses will make it harder for larger scale-up firms and companies that have been through tough times to play their part in the recovery.”
She added: “Companies will be surprised to see no further measures to support innovation and research and development in this Budget. Manufacturers in particular will be looking for further details in the government’s upcoming National Innovation Plan.”
For more analysis on the chancellor’s decisions – and the economic context – watch this video with CBI director of economics Rain Newton-Smith and CBI head of tax and fiscal policy Rob Fontana-Reval.
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