Chancellor Rishi Sunak must help companies prepare for a green revolution and, on March 3, grant tax breaks for investments in green technology in the household.
The tax and consultancy firm Blick Rothenberg said the government had to provide grants to help companies retrain their workforce so that they could benefit from “Industry 4.0”.
The small and medium business grants should be used to retrain workers in areas such as automation, machine learning and data analysis.
David Hough, Associate at the Tax Service, said, “New technology development is inherently risky and countries around the world are striving to be at the forefront of the green economy. The Registrar must ensure that the UK is seen as a convenient location to set up business. ‘
In its summer statement, Sunak announced a £ 3 billion green investment package for homeowners to make energy efficient upgrades.
However, Hough added that the Chancellor should also try to improve the country’s infrastructure to take advantage of the “new normal” when we emerge from the lockdown.
‘Only 65% of the UK have access to ultra-fast broadband. The pandemic is fast tracking our use of new technology, be it home learning, online retail or remote working, ”he said.
“Every home should have affordable access to fast broadband. The government must resist the temptation to further curb spending on the rollout and get fiber broadband in every home by 2025, which would help the economy recover. ‘
After a year of public spending outside of the war, Sunak is expected to try to focus on reducing the deficit in next month’s budget. A Sunday Times report yesterday suggested he was planning a corporate tax hike.
A harmonization of capital gains and income tax would not be sought, however, since it was previously introduced as a measure to increase income and a relief of the pension tax to reduce the share of benefits to top earners was also excluded.
Stamp duty leave, which currently expires on March 31, is expected to be extended, in addition to government support for the labor market.