Government ‘must show workings-out’, says Institute of Directors

The government must ‘show its workings-out’ of the effects of tax rises on jobs and the economy the Institute of Directors (IoD) has said.

In its submission to the spending review and autumn Budget 2021 the IoD urged the government to ‘reduce the planned level of business tax rises now that the economic outlook is more positive than was expected at the time of the last Budget’ arguing that ‘the need for government borrowing has lessened’ with the expectation that the Office of Budget Responsibility will revise its GDP growth forecasts for 2021 upwards resulting in stronger tax receipts.

As well as calling on the government to reduce the planned level of business tax rises the IoD has also urged the government to conduct and publish before the March 2022 budget its own macroeconomic assessment of the proposed rise in employer’s National Insurance...