Boris Johnson vows to overhaul business tax regime to boost growth after Covid

Laveta Brigham

Boris Johnson has pledged an overhaul of red tape and business taxes to turbocharge Britain’s recovery next year as the coronavirus outbreak comes to an end. In a move that could set him on a collision course with fiscal hawks in the Treasury, the Prime Minister said the Government would […]

Boris Johnson has pledged an overhaul of red tape and business taxes to turbocharge Britain’s recovery next year as the coronavirus outbreak comes to an end.

In a move that could set him on a collision course with fiscal hawks in the Treasury, the Prime Minister said the Government would be looking at the “tax and regulatory environment” as he vowed to make Britain “the best place in the world” to invest and start a business.

Speaking during an online question and answer session dubbed People’s PMQs, Mr Johnson pointed out that the Treasury had already cut VAT and introduced business rate holidays during the pandemic.

Asked how he intended to help entrepreneurs and small businesses “build back better”, the Prime Minister said: “I can tell you that the Chancellor, Rishi Sunak, is looking at all the fiscal, the regulatory environment that we need to have to make sure that this is the best place in the world to start a business, the best place to invest. 

“And we do everything to make life easy for businesses, for small and medium enterprises, and for big business as well. Because in the end, that’s the motor that’s going to enable us to pay for all the things that we’re going to need in the future.

“So we’ll be looking at the tax environment, the regulatory environment, and everything to encourage and support businesses across the country.”

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