Message to CBI
Johnson throws down business rates cut gauntlet
Boris Johnson will cut business costs
Boris Johnson will turn up the pressure on the SNP government today by promising to cut business rates as part of a “Brexit bonus”.
The Prime Minister will tell business leaders that a Conservative government would launch a fundamental review at its first Budget to reduce the burden of business rates and throw a lifeline to struggling high streets.
However, a cut in business rates would not apply to businesses in Scotland as it is a devolved power and would put pressure on the Scottish Government to follow suit, with implications for its own budget.
Mr Johnson said a Conservative government would also increase the employment allowance from £3,000 to £4,000, providing a tax cut of up to £1,000 for more than half a million businesses.
The R&D tax credit rate will increase from 12% to 13%, which will particularly benefit the manufacturing, professional, scientific and technical services.
In a speech to the CBI annual conference, Mr Johnson is expected to say: “Let’s not beat around the bush: big business didn’t want Brexit.