Pressure is mounting on Hammond to ditch his predecessor Osborne’s nannying soft drinks tax. Over 2,000 newsagents, publicans and other small business owners today wrote demanding he scrap the tax.
The letters were delivered to The Treasury by the Face the Facts: Can the Tax coalition, which represents thousands of businesses from across the UK who oppose the tax.
Research from The National Federation of Retail Newsagents (NFRN) predicts the soft drinks tax will cost newsagents thousands of pounds a year in lost revenue.
In addition, independent researchers at Oxford Economics have warned the tax will cost the UK economy £132 million and will put over 4,000 jobs at risk.
This warning comes on the back of growing disquiet from Tory backbenchers, members and the wider business community that the new May government is doubling down on Osborne’s interventionist tendencies.
If Hammond really wants to create an economy that works for everyone it may be worth him listening to the people actually creating and doing the work in the economy…
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