In Focus: Tax  

Sunak must simplify Britain's 'burdensome' tax code

To further help business, he argued for various measures to encourage investment and productivity, such as a reform of business rates and the introduction of a form of ‘full expensing’.

Clougherty added: "There will be a time for fiscal conservatism, and for a balanced approach to deficit reduction, but for now the overriding objective must be to go for growth.

"That means rejecting rumoured tax increases on business and investment, which would only undermine the recovery, and instead charting a clear course towards an increasingly competitive tax system."