BCC releases its Budget submission at annual conference

The British Chambers of Commerce (BCC) has published its Budget submission today, which coincides with the start of the business group’s annual conference at the British Academy of Film and Television Arts (BAFTA).

The submission, which has been delivered to the Chancellor, will also be used to challenge the Business Secretary, Lord Mandelson, and his Conservative shadow, Ken Clarke MP, during their head-to-head debate at the BCC conference this afternoon.

The key features of the Budget submission include:

1. A call for a clear deficit reduction plan that sets out detailed cuts. This plan must include a freeze in the total public sector wage bill and fundamental reform of public sector pensions.
2. Cancel the 1% hike in employer National Insurance Contributions, which is a tax on jobs. The BCC has suggested that a penny on VAT would largely offset the lost revenue.
3. New employment legislation and tax over the next four years will cost business over £25 billion. The BCC is calling for a three year moratorium on new employment law.
4. Provide more support around export trade finance, where Britain’s exporters continue to be at a disadvantage compared to rivals on the Continent and further afield.
5. Sustain investment in our transport, digital, and energy networks, which will underpin growth and form the foundation of our future competitiveness.

In his conference speech today (Thursday) David Frost, the BCC’s Director General, will outline a five point plan for our economic future. He will say:

“Without a successful and profitable business base of some scale we are going to find it hard to climb out of the economic mess we are in.

“A new Government will need a radical first 90 days in office that allows the flourishing of a new industrial renaissance in this country.

“Here is my five point plan: no new taxes on businesses; a reduction in the burdens on business; more successful, growing companies; turn the vision of an export-led recovery into a reality; and underpin all of this with a credible plan and timetable to reduce the country’s deficit - without spending cuts to vital infrastructure.”