Boris Johnson promises to cut employers’ National Insurance contributions in plans to slash FOUR key taxes as he tries to woo CBI leaders after his ‘f*** business’ rant
- Boris Johnson will address the CBI business conference in London this morning
- Mr Johnson will unveil a a series of proposed tax cuts to try to win over business
- Prime Minister will pledge to cut employers’ National Insurance contributions
- Jeremy Corbyn will also address the conference amid industry alarm at his plans
Boris Johnson will today make his general election pitch to Britain’s businesses as he sets out plans to slash the tax burden on companies across the UK.
The Prime Minister will address the CBI business conference in London this morning as he tries to persuade industry bosses to give their support to the Tories ahead of polling day on December 12.
Mr Johnson will set out four planned tax cuts with the most eye-catching a proposal to cut employers’ National Insurance contributions.
He will also signal his intention to reduce business rates, increase tax credits on research and development from 12 per cent to 13 per cent and boost tax relief on the purchase, building or leasing of a premises from two per cent to three per cent.
His appeal will be part of a carefully thought out strategy to try to make peace with business after comments he reportedly made in 2018 when it was claimed he said in relation to business concerns about Brexit: ‘F*** business’.
He will tell business leaders this morning that the Tories will put an end to Brexit ‘uncertainty and confusion’ if they are returned to power before Christmas.
Jeremy Corbyn will also address the conference after industry chiefs sounded the alarm about some of his proposals.
Boris Johnson, pictured at a Sikh temple in London yesterday, will set out his pro-business plans at a CBI conference today
Jeremy Corbyn, pictured on the BBC yesterday, will also address the CBI after business leaders sounded the alarm about some of his policies
In a speech to business leaders at the Confederation of British Industry (CBI) annual conference, he is expected to say: ‘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.
‘So that you can plan and invest, so you can grow and expand, so that you can create jobs and drive prosperity.’
He is expected to add: ‘Whilst you didn’t want it, the people did vote for it. And so it was for politicians to deliver it.’
Setting out his plans to reduce the tax burden on businesses, he will say that a Tory government will cut business rates, launching a fundamental review at their first Budget.
The party said they will increase the employment allowance from £3,000 to £4,000, providing a cut in National Insurance of up to £1,000 for more than half a million businesses.
Under the plans, the R&D tax credit rate will increase from 12 per cent to 13 per cent, which the Tories say will boost manufacturing and the professional, scientific and technical services sectors in particular.
They have also promised to increase the structures and buildings allowance (SBA) from two per cent to three per cent.
The Conservatives said the cumulative benefit to businesses of the changes to the employment allowance, SBA and R&D tax credits will be approximately £1 billion by 2022-23.
Mike Cherry, chairman of the Federation of Small Businesses, said: ‘These measures lay down a gauntlet to other parties, and we hope there will be more to come at this election.
Carolyn Fairbairn yesterday warned Mr Corbyn’s business policies could ‘crack the foundations of our economy’
‘Actions to reduce the cost of employment and fix business rates should be complemented with clear commitments to tackle the scourge of late payments and help ensure the Government is helping the self-employed.
‘For example, through introducing a ‘self-employment legislative lock’ and measures to help the self-employed have better access to maternity, paternity and adoption support, and mortgages and pensions.’
Mr Corbyn and Liberal Democrat leader Jo Swinson are also speaking at the CBI conference.
The conference comes after CBI director-general Dame Carolyn Fairbairn said Mr Corbyn’s nationalisation plans will ‘freeze investment’, and called on Labour to work with business.
She told Sky News’ Sophy Ridge On Sunday: ‘We look at the policies on the table and we have real concerns that they are going to crack the foundations of our economy.’