London businesses face tax pressure as LCCI urges cost cuts ahead of budget
The chamber asks the government to reverse a £20bn employer NI rise and warns that any new levies could hit Barnet firms hard
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The London Chamber of Commerce and Industry told the government it must cut the cost of doing business before the Budget is delivered on 28 October. The appeal was made public in a statement to The Standard. The chamber said the request is aimed at keeping London, including the Barnet borough, competitive for investment, talent and job creation.
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The Standard reported that Chancellor John Healey will use the upcoming Budget to launch a £150m fund for fast‑growing firms in the north of England. The British Business Bank will manage the money, which is intended to support innovative companies that are scaling quickly. Healey is expected to describe the scheme as a supply‑side measure designed to spread growth beyond the capital.
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The chamber also called on the government to reverse the £20bn employer NI rise introduced in Rachel Reeves’ first Budget. LCCI chief executive Karim Fatehi said the increase has been blamed for hurting thousands of businesses across the capital. He warned that any additional levies in the upcoming Budget would be difficult for London firms to absorb.
The Chancellor must have two clear objectives: meaningfully lowering the cost of doing business and making the capital more internationally competitive.
Karim Fatehi, chief executive, London Chamber of Commerce and Industry
What this means for Barnet businesses
Barnet employers should monitor the Budget for any new tax proposals. If the NI increase is not reversed, companies may face higher payroll costs that could affect hiring plans. The £150m northern fund does not target London, so local firms will need to rely on other support schemes. The chamber advised businesses to engage with their local councillors and the Barnet council’s economic development team to voice concerns before the Budget is finalised.
Questions this report answers
+What is the London Chamber of Commerce asking the government to do?
The chamber is asking the government to reverse the £20bn rise in employer National Insurance contributions and to lower overall business costs. It says doing so will keep London competitive for investment, talent and job creation.
+When will the Chancellor announce the northern growth fund?
Chancellor John Healey is expected to announce a £150m fund for fast‑growing northern firms during the Budget on 28 October, according to The Standard. The fund will be managed by the British Business Bank.
+How could the NI increase affect businesses in Barnet?
If the £20bn employer NI rise is not undone, Barnet firms could see higher payroll expenses. The chamber warns that additional taxes would be hard for London employers to absorb, potentially limiting hiring and investment.
+What steps can Barnet businesses take now?
Barnet businesses should track the Budget for any new tax measures, contact their local councillors, and work with Barnet council’s economic development team to raise concerns. Engaging early can help shape any adjustments to business‑cost policies.
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