Summary
Businesses are anxious about the upcoming Budget due to previous tax increases and economic pressures. There is speculation about further tax hikes, but also potential relief measures like business rate reforms and energy bill consultations. The government aims to boost growth with a new Planning and Infrastructure Bill and other initiatives.
Key Facts
- Businesses experienced a £25 billion National Insurance hike and rise in the minimum wage last year.
- Research predicts the new Budget could reduce GDP by 0.2% in 2026.
- The Bank of England might lower interest rates to encourage spending.
- Business rates, which nearly doubled for some firms, might see reform.
- The government may initiate a consultation to lower energy bills for 7,000 businesses.
- A Planning and Infrastructure Bill is being prepared to promote growth.
- There's uncertainty around potential new taxes on bank profits.
- The oil and gas industry is pushing for relief from additional taxes on their profits.
