Boris Johnson to woo businesses with extensive tax breaks
Prime Minister Boris Johnson will today offer British companies a series of tax cuts and breaks as he seeks to mend his relationship with the country’s firms.
Read more: Boris Johnson’s Conservative party opens up 17-point poll lead
In a speech to the annual CBI conference in London Johnson will pledge to cut the taxes of more than half a million smaller businesses by raising the national insurance allowance from £3,000 to £4,000.
He will also promise to reduce business rates, cut taxes on the construction industry, and review research and development tax credits.
Many in the business community have been skeptical of Johnson’s commitment to corporate Britain since he was reported to have said “f*ck business” when asked about industry concerns over Brexit.
Johnson will say today: “Let’s not beat around the bush, big business didn’t want Brexit. You made that clear in 2016 and this body said it louder than any other.”
“But what is also clear is that what you want now – and have wanted for some time – is certainty.”
He will say that leaving the European Union with a deal will mean businesses can focus on “spurring innovation, creating jobs, stimulating growth”.
Labour leader Jeremy Corbyn is also speaking at the CBI conference. He could be in for a frosty reception after his plans to nationalise internet provider BT Openreach went down badly in the City.
Corbyn is set to focus on reforming the apprenticeship levy, a concern of businesses, and tackling climate change.
He will unveil plans to create a “climate apprenticeship programme” that Labour say will deliver 320,000 apprenticeships in England during its first term in government.
Johnson’s pitch is to relieve the burden on businesses. As part of his plans, business rates would undergo a “fundamental review”.
Read more: Jennifer Arcuri blasts Boris Johnson for treating her like a ‘one night stand’
Tax relief on the purchase, building or leasing of a structure would be increased by one per cent. The Conservatives would also review the scope of R&D tax credits and increase the rate by one per cent, Johnson will say.
(Image credit: Getty)