Insider Media Limited

The planned increase in employers’ National Insurance tax is one of the big concerns for businesses in the East Midlands ahead of George Osborne’s Budget announcement this afternoon. At an event attended by Insider, George Cowcher, chief executive of Derbyshire and Nottinghamshire Chamber of Commerce, said the tax rise, fuel price increase and changes to pension legislation were high on the list of concerns for the region’s companies.

Cowcher said that, according to research completed by the chamber, 70 per cent of Derbyshire and Nottinghamshire businesses believe that April’s planned hike in National Insurance contributions represents the biggest burden they will face this year.

A further 52.2 per cent identified the fuel duty escalator, which reflects the impact of higher fuel prices.

When asked what measures the Chancellor should introduce to promote business growth, 38 per cent said they would like to see the introduction of development tax incentives in opportunity zones, whilst a further 37 per cent said they would like the ability to carry over unused capital allowances into the following financial year.

The findings were presented to the Chancellor in advance of today’s Budget speech in the House of Commons.

Cowcher said that George Osborne now has “an ideal opportunity” with his Budget to set out his vision for a private sector-led recovery.

He said: “Business needs government to create the climate in which they can grow – that means less not more employment legislation, a greater focus on boosting British exports and keeping pressure on the banks and the financial services sector.”

“This Budget gives the Chancellor an ideal platform to take some pro-growth steps and for government to match its rhetoric on growth with real action to deliver a strong environment for the private sector to flourish.”