Social Enterprise UK response to Autumn Statement
Jeremy Hunt described his Autumn Statement as “the biggest business tax cut in modern British history” by making permanent a tax break that allows businesses to offset investment in machinery, IT and equipment against corporation tax.
Although some businesses will welcome this news, it doesn’t help their employees or customers in the spiralling cost of living crisis – and the research and development incentives it promotes have repeatedly failed to deliver the investment and growth our economy needs.
The UK has more than 100,000 social enterprises, with missions to support people and planet embedded in their operations. Taxes can be used to encourage this way of working in the wider business world, but corporation tax breaks announced today reflect a system focused on extracting profit above all else.
Our chief executive Peter Holbrook CBE said:
“It’s disappointing to see the Autumn Statement using tax cuts to reward those who already have wealth and power, instead of creating shared prosperity across our society. Tax should be a policy lever to encourage better business and drive growth for good – not growth at all costs, lining shareholders’ pockets while workers and customers are struggling. ‘Business as usual’ isn’t working anymore, and with a General Election approaching, our next Government must recognise the need for change.”