Chancellor urged not to tax Peterborough business owners to pay for Covid

A leading accountant in Peterborough has voiced concerns that the ‘nation’s hard-working business owners’ may be targeted in next month’s Budget.

The alarm has been sounded by Mark Hildred, managing partner at Moore Thompson, which has offices in Cygnet Park, Hampton.

He is worried by speculation that Chancellor Rishi Sunak could seek to start to recover the costs of fighting the Covid pandemic through the Budget on March 3.

He said: “There have been a number of muted suggestions that could see taxes rise for many businesses and individuals.

“Many of the points raised so far, although not confirmed officially, could have significant implications for local companies and people.”

Speculation includes a one-off wealth tax, a rise in Corporation Tax and a hike in Capital Gains Tax. Mr Hildred said: “Many of these proposals have come from influential think tanks and committees, which the Government often relies on for future policy direction.

“We just hope that the Government is listening clearly to the concerns of the nation’s hard-working business owners, who run the small and medium-sized businesses that are the backbone of the British economy.”

Mr Hildred said he hoped the suggestions made remained speculation.

He added: “Covid-19 has cost this country dearly. This debt will need to be repaid one day.”