The CBI is calling on ministers to offer immediate relief for businesses to give them the confidence to invest and create economic growth.
Lord Bilimoria, president of the business body, will call today for the government to extend the recovery loan scheme and introduce a plan to follow the super-deduction scheme, a tax cut on money invested by companies in machinery and other assets.
Bilimoria is planning to say: “One of the chancellor’s strokes of genius during the pandemic was the super deduction. But it is currently due to be withdrawn in April 2023. The introduction of a permanent successor scheme is of the utmost importance.”
The super-deduction is a £25bn tax break, announced in last year’s Budget, intended to spur investment by providing 25p off company tax bills for every £1 of qualifying spending on plant and machinery.
