SCC comment on reported temporary cut to VAT
01-07-2022
On reported proposals to temporarily cut VAT, Dr Liz Cameron CBE, Chief Executive of the Scottish Chambers of Commerce, said:
“At our recent meeting with the Chief Secretary to the Treasury, we called for bold and immediate action to provide businesses with urgent support. The reported plans to temporarily cut VAT would be a helpful start if this is formally announced by the UK Government.
“However, this does not go far enough to mitigate the challenges that businesses face. The government must go further and introduce an SME energy price cap and cut VAT on business energy bills from 20% to 5%. Time is running out before we start to see businesses go under without this vital support.”
ENDS
Notes:
- Scottish Chambers of Commerce and Scottish businesses met virtually with the Chief Secretary to the Treasury on the 27th of June to discuss the following:
- The cost of doing business crisis
- Labour market shortages
- International Trade
