UK firms’ Budget plea to Chancellor Jeremy Hunt

Business chiefs have called for Jeremy Hunt to take serious action in next month’s Budget as service sector profits crumble.

Confederation of British Industry (CBI) head Tony Danker previously warned that UK firms were facing a ‘double whammy’ in the spring when corporation tax is due to rise from 19 per cent to 25 per cent and a ‘super-deduction’ offering incentives to invest is set to end.

Now Charlotte Dendy, head of economy surveys at the CBI, which represents 190,000 UK businesses, has called on the Chancellor to replace the super-deduction ‘by either introducing full expensing for capital investments or setting out a three-year roadmap to achieve exactly that’.