In common with the rest of the UK, the country’s business world has been gripped in recent days by the fast-moving events leading up to the resignation of Prime Minister Boris Johnson.
Unsurprisingly, then, key figures in UK business have had a lot to say about what they hope to see in the coming weeks and months, including from Mr Johnson’s eventual successor.
Calls for stability and certainty
There was much talk in business leaders’ statements of the need for certainty and stability to help reassure ‘UK plc’.
The Confederation of British Industry (CBI)’s Director-General Tony Danker, for example, said there was a need for the “political vacuum to be filled at speed to protect people’s living standards, through action on business confidence, investment and growth.”
Meanwhile, the Institute of Directors (IoD) said that “what business hates most is uncertainty and instability”.
At the time of typing, it appears that Mr Johnson will likely stay in place as Prime Minister in a ‘caretaker’ capacity while his governing Conservative Party conducts a leadership contest to decide on his replacement. However, some members of the party – and political opponents – have been pushing for the Prime Minister to depart his post sooner.
Battle lines open up over the tax burden and cost of living
In his resignation speech on 7th July, Mr Johnson set the tone for tax to be a key subject of discussion in the looming race to succeed him, declaring that “our brilliant and Darwinian system will produce another leader committed to taking us forward through tough times, cutting burdens on families and business and – yes – cutting taxes.”
Mr Johnson reasoned that a tax-cutting approach was “the way to generate the growth and income for public services.”
The newly appointed Chancellor of the Exchequer Nadhim Zahawi – who has replaced Rishi Sunak – has appeared to back up Mr Johnson in this stance, stating that “nothing is off the table” on the subject of potential tax cuts.
Business figures urge a focus on lowering tax
With increases during Mr Johnson’s time in office placing the tax burden on course to reach its highest level since the late 1940s, several business leaders have called for reductions to be a key focus for the next Prime Minister.
They included Cobra Beer boss Lord Bilimoria, who said to the BBC: “We need to cut taxes. We’ve got the highest tax burden in 70 years, it’s absolutely the wrong thing to have at this time – at any time, let alone at a time like this when business needs help and consumers need help.”
Brexit supporter John Longworth, formerly at the helm of the British Chambers of Commerce, accused the government of failing to take advantage of Brexit, asking: “Where’s the deregulation, where are the tax cuts, where’s the reduction in external tariffs, which we can do unilaterally to reduce the cost of living?”
Mr Danker added, for the CBI: “Getting the economy growing again has got to be the number one focus for all politicians, and I look forward to working with the government on a plan for a better, brighter economic future for people right across the United Kingdom.”
We can help put you in the strongest position to succeed
There are many steps that you can take to help ensure your business survives and thrives amid the unpredictability of the weeks and months ahead – and one of the most powerful of those is likely to be joining forces with the most reputable provider of digital accountancy in Newton Abbot, Wellington, or Plymouth.
We are proud to be that company for so many customers around the South West of England and beyond. Simply reach out to us now for further information and advice about how we can help.
There are now as many businesses in the UK that intend to reduce investment as there are firms that plan to increase it, a new poll has indicated. As The Guardian has reported, the Institute of Direct…
UK-registered companies can now apply for a portion of £12.5 million in funding for collaborative research projects to increase domestic production of healthy and sustainable farm-based protein. The …
As businesses up and down the UK continue to face ever-greater challenges arising from a combination of escalating costs and soaring inflation, Logistics UK has urged the Chancellor of the Exchequer t…
A new report has revealed the damage that swelling costs are causing to the already crippled profit margins of UK companies, with experts issuing stark warnings on the likely consequences for the broa…
R&D tax relief claims are taking longer to process, leading to longer waiting times for companies expecting the tax relief. HMRC has been forced to take action to reduce fraudulent claims. Those p…
In a sign, perhaps, of just how perilous the economic situation remains for the whole of Europe in 2022, it has been reported that UK business confidence declined to a record low in June but still man…
New research was undertaken by a leading professional services company, and the accounting software specialist Xero has made alarming discoveries on the subject of many firms’ tendency to lose money…
As companies up and down the UK continue to struggle with escalating inflation and economic uncertainty, Chancellor of the Exchequer Rishi Sunak has been warned that time is running out to put togethe…
With effect from 6th July 2022, low-paid workers across the UK are getting to benefit from reduced rates of Income Tax and National Insurance. However, at least one key business leader has warned that…
On 23rd June, HM Revenue & Customs released its data concerning the ‘tax gap’ for the 2020 to 2021 tax year. The non-ministerial department said that the estimated ‘tax gap’ – defined as…
With Thursday 16th June having been National Freelancers Day, it is fascinating to see the recently released data indicating that many firms have called upon freelance skills to an even greater extent…
As a business owner, you will naturally want to make the most of all available resources and sources of support to better your firm’s survival and growth prospects. That’s just one reason why you …
Farmers in England can apply for between £25,000 and £300,000 in funding to help promote their business and increase their produce’s value. The funding is available through the new £30M Farmi…
To say that recent months have presented stern challenges for businesses would be quite the understatement – and recent research has shed greater light on precisely what keeps small-business owners …
The Plymouth Workplace Travel Grants are a part of Plymouth City Council’s Productive Plymouth Programme to promote sustainable transport measures. The grants are funded by the Department for Tr…
There was, unsurprisingly, further bad news for ‘UK plc’ in the latest Government figures, with the Office for National Statistics (ONS) revealing that the economy declined by a larger than antici…
UK registered organisations can apply for a share of up to £12 million for creative, new and improved sustainable maritime projects. This funding is from The Department for Transport. Entries open: W…
Escalating costs continue to be a matter pressing on the minds of individuals and businesses alike. However, while the former has now received some much-needed help with their energy bills from Chance…