UK manufacturers call for 'major MOT' of business tax and regulation system

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Britain's manufacturers are urging the chancellor, Jeremy Hunt, to announce a 'major MOT' of the UK's 'uncompetitive' business tax and regulatory system in his autumn statement next month.

Article originally published by The Guardian. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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09 Oct 2023

Many aspects of the system are “not fit for purpose”, the business group Make UK said in a report published in the middle of the political party conference season, and called for major reform as part of an industrial strategy.

In his speech at the Conservative party conference in Manchester last week, Rishi Sunak made no reference to business tax and regulation. However, a survey by Make UK and the tax advisory firm RSM found almost half of UK companies (44%) believe the tax and regulation system is unfavourable, and more than a quarter said it was worse than that of China and other major competitors.

Only 8% of the 150 companies polled between 26 July and 19 August said the tax and regulation system had no impact on investment decisions.

Manufacturers argued that frequent changes to business incentives and research and development credits in recent years