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Monday, results of a survey by the British Chambers of Commerce showed that firms in the U.K. want the next government to get a serious grip on the public finances and escalating debt.
The survey of more than 400 businesses found that two out of five companies are of the view that the upcoming government's top priority should be reducing the budget deficit.
The BCC wants the next government to withdraw the planned rise in National Insurance Contributions next year. Instead, the business lobby recommended an increase in VAT to 18.5%.
"Raising a damaging tax on business, like NICs, will be counter-productive. It will mean fewer jobs and less tax revenue in the long-term," said David Frost, the BCC's director-general.
"While businesses fully understand the need to bring down the UK's deficit, they are clearly saying that using VAT would be a less damaging way to achieve this."
"So let's scrap the NICs tax on jobs and offset it with a 1% VAT increase. It's a tough call, but we have to be realistic about repairing the public finances, and promoting recovery," he said.
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