A leading industry group is making a wide-reaching appeal to chancellor George Osborne, calling for him to spare British businesses in next week’s Autumn Statement.
The Institute for Chartered Accounts in England and Wales (ICAEW) said the chancellor should “not introduce anything that will impact businesses” in the fiscal update, saying measures introduced in the summer budget will already have a “damaging effect on business”.
“UK plc is already concerned about the introduction of the Living Wage, Apprenticeship Levy and increase in Insurance Premium Tax, not all of which have yet come into effect,” ICAEW business director Stephen Ibbotson said, adding, “Businesses I meet do not anticipate any real benefit from these measures.”
In a separate statement today, Fidelity International, the investment company, said the chancellor should “give employers a break” by deferring proposed changes to tax incentives until at least next year. Fidelity’s head of retirement Richard Parkin, said: “These rules are complex and have introduced significant uncertainty and additional costs not only for the individuals affected but also their employers and pension plan trustees.”