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CBI: Firms need more support and no tax hikes

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The CBI has told Rishi Sunak that businesses under pressure amid the coronavirus crisis cannot afford to wait for the March budget to secure more financial help from the Government. Director-general Tony Danker has urged the Chancellor to extend the furlough scheme, defer VAT payments and extend the business rates holiday for at least another three months. Mr Danker, who warned that business resilience “has hit a sobering new low”, also urged Mr Sunak not to raise corporate taxes as he looks to tackle the budget deficit, saying: “It would be wrong to raise business taxes when we don’t have a recovery. It’s as simple as that”. The CBI is calling for an immediate £7.6bn injection from the Treasury as part of a £17.9bn package designed to support the economy through a lockdown and stimulate investment over the coming year.

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