In its Autumn Statement submission, the Federation of Small Businesses (FSB) has urged Chancellor Philip Hammond to implement a range of initiatives to ‘boost confidence in the domestic economy’.
The FSB also called for the Government to demonstrate a commitment to supporting long-term growth and prosperity across the UK.
In order to minimise the ‘tax burden’ on businesses, the Federation has urged the Government to put plans to implement compulsory quarterly tax reporting on hold.
The submission also outlined the need to realign the business tax system ‘to incentivise growth, employment and investment’, and advised for the Government to keep its commitment to permanently reduce Small Business Rate Relief (SBRR).
Calling for more support for those small businesses facing a raft of domestic challenges, the FSB urged the Chancellor to use the Autumn Statement to ‘set out his priorities to back small business’.
Mike Cherry, National Chairman of the FSB, commented: ‘Smaller businesses are coping with huge challenges and an uncertain economic outlook. For us to create growth and jobs and drive productivity, we want to see the Chancellor deliver an Autumn Statement that provides much-needed support for small businesses.
‘Overall, we need an Autumn Statement that recognises and encourages enterprise and provides an economic environment where smaller businesses can thrive.’