The poultry industry has expressed its disappointment that the Chancellor failed to change VAT rules on rotisserie chicken in his Autumn statement and vowed to continue to fight the “unfair” tax.
Chief executive of the British Poultry Council (BPC) Peter Bradnock said: “This 20% hike in British chicken reared in British farms and bought freshly cooked in the supermarkets has hit shoppers and farmers. We will continue our campaign to get the government to reverse this unfair tax.”
However, the BPC applauded what it described as the chancellor’s focus on growth and support for British business, particularly in cutting corporation tax.
Bradnock said: “The poultry meat sector, like other agri-food sectors, has been suffering from the increasing cost of grain. This has impacted on the cost of food and helped to push up inflation further than originally expected by the OBR. An additional cut in corporation tax will help to relieve some of this pressure, subsequently supporting the poultry meat and other rural farming sectors.”
The Chancellor also said the government was taking “big steps” to support British companies who export to new and emerging markets in Asia, Africa and the Americas, increasing funding for the UK Trade and Investment by more than 25% a year, as well as a “1.5bn export finance facility to support he purchase of British exports."
It was announced that a new Business bank to provide £1bn of capital to ease leverage and lending to small and medium sized firms would come into play.
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27 October, 2016, 8:30
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