Boris Johnson rules out tax cuts for Peterborough businesses

Mr Johnson said that business leaders in particular understood that the high cost of fighting the Covid-19 pandemic meant the Government had to manage its finances prudently.

During a visit to Peterborough to power the vaccination booster campaign, Mr Johnson said: “Most businesses have not forgotten what happened over the last 18 months. The Government put its arms around business. Some 12 million people were furloughed – that was not cheap.

“British people are very sensible about money. They know that in the end, if you spend £408 billion, you’ve got to manage your finances prudently – money does not grow on trees.”

His comments come with Corporation Tax set to rise to from 19 per cent 25 per cent on April 23 and with a Small Profits Rate of 19 per cent starting at the same time. National Insurance is to rise from April.

Mr Johnson said: “We cut business rates and VAT through the pandemic and they are still cut.

“We still have one of the lowest Corporation Tax rates in the G7.

“There is a great entrepreneurial spirit in Peterborough, which is an amazing example of a place where SMEs have been able to grow and thrive.”

North West Cambridgeshire MP Shailesh Vara added: “We have received hundreds of letters from businesses that have been helped by the Governernment over the last 20 months. So let’s not forget the Government has been helping in difficult times.”

READ MORE:

Prime Minister urges Peterborough people to get booster jabs as he visits city vaccination centre

Prime Minister defends Government’s funding for Peterborough