For immediate release
Responding to the budget, John O’Connell, chief executive of the TaxPayers' Alliance, said:
“There were some wins for taxpayers today, but it doesn’t gloss over the fact that this was a tax-raising budget.
“The chancellor is helping to rescue struggling sectors but £30 billion worth of tax increases will hit hard-pressed households and businesses already under the highest tax burden in 70 years.
“Big tax hikes risk choking off the recovery Rishi wants before it has even started, so let’s hope that other measures in the budget help to boost jobs, spur investment and ultimately revive the economy.”
Responding to the ‘super deduction’, John O’Connell said:
“The investment super deduction will sweeten the pill of massive corporation tax hikes.
“The tax breaks will jump-start investment, but the sudden rise in the headline rate will hammer Britain’s big employers at a time when millions are on the verge of joining the dole queue.
“Making the investment allowances permanent and keeping corporation tax down will build in huge benefits for employment, productivity and the economy as a whole.”
Responding to the extension of the stamp duty holiday, business rates holiday and VAT cut, John O’Connell said:
“It’s encouraging that Rishi has lent taxpayers a helping hand and continued the holidays on stamp duty, business rates and VAT.
“Rishi’s offer of a respite from taxes will chime well, as these struggling sectors get to grips with reopening after coronavirus.
“The chancellor should continue to offer lower rates until the end of next year, to get the economy properly back on track.”
TPA spokesmen are available for live and pre-recorded broadcast interviews via 07795 084 113 (no texts)
Media Campaign Manager, TaxPayers' Alliance
24-hour media hotline: 07795 084 113 (no texts)
Notes to editors:
Founded in 2004 by Matthew Elliott and Andrew Allum, the TaxPayers' Alliance (TPA) campaigns to reform taxes and public services, cut waste and speak up for British taxpayers. Find out more at www.taxpayersalliance.com.
TaxPayers' Alliance's advisory council.
The TaxPayers’ Alliance found that the average tax burden is the highest in 70 years.
- The TaxPayers’ Alliance’s budget asks, including continuing the VAT cut and business rates holiday, would give the hospitality and leisure industries £13 billion of tax savings this year.