Healey pledges business cost focus ahead of first Budget

Chancellor John Healey says he wants to reduce the cost of doing business and support entrepreneurs as he prepares his first Budget, scheduled for October 28. He said business costs would be a consideration alongside household cost-of-living pressures, but has not yet set out specific measures to achieve that aim. In an interview, Healey said he wanted to back profitable British businesses and entrepreneurs developing new ideas and trying to sustain their firms through difficult conditions. He also argued that profitable companies could reinvest in their operations and support growth in Britain. The Budget is due next Wednesday, less than a week after his comments. Healey acknowledged that businesses have faced pressure from employment law changes, regulation, taxes, input costs and supply-chain disruption. He defended the previous government’s tax decisions as necessary, while recognizing that firms were feeling the effects. Employer National Insurance rose from 13.8% to 15%, with the increase taking effect last year. The Chancellor has signalled that capital gains tax will not rise in the Budget, according to reports of his position. One report also said the government had...