Autumn Statement must not introduce measures that will affect businesses, ICAEW warns Chancellor
17 Nov 2015
The Institute of Chartered Accountants in England and Wales (ICAEW) has implored Chancellor George Osborne not to introduce any new measures that will affect businesses within his upcoming Autumn Statement.
A survey of 500 ICAEW members revealed that some of the initiatives that were introduced during the Summer Budget have had a detrimental effect on businesses.
20% of these members believe that specific new schemes announced in July’s Budget have had harmful consequences for their businesses, whilst 32% reported that they expected that the new policies would have an overall positive impact, and another 44% claimed that there would be no change to their business.
Firms affected by the National Living Wage have expressed concerns about the instigation of the legislation: 47% believe that the new wage would be of no benefit to their businesses.
Other businesses believe that raising Insurance Premium Tax rates has had an adverse effect on their companies.
Additionally, these firms reported that they do not believe that the corporation tax reduction will be able to counteract the negative impacts of the latest measures.
Stephen Ibbotson, ICAEW director of business, stated: ‘The Chancellor should be wary of introducing additional measures which will impact on business.
‘Businesses I meet do not anticipate any real benefit from these measures.’