CBI responds to Tax Day

Rain Newton-Smith, CBI Chief Economist:

“Tax Day offers a useful guide to Government priorities and the goal of a simpler, modernised tax system is absolutely the right one. But businesses are disappointed they must wait until autumn for tax reforms that would power up investment plans over the longer-term.

“The super-deduction announced at the Budget is a decisive move that will bring forward – and generate new - investment in the next couple of years. Firms want to see that same decisiveness to fundamentally reform the unfair business rates system.

“While there is some mention of how the tax system can support the UK reach net zero, it’s nowhere near enough and more work will be needed to ‘green’ the UK’s tax system.

“We look forward to working closely with the Government to help deliver that simpler, modern tax system that promotes business investment and the move to a low carbon economy.”