The Chancellor should announce a substantial financial package in the upcoming Budget to prepare businesses for life after Brexit, according to the Confederation for British Industry (CBI).

In its pre-Budget letter to Philip Hammond, the CBI called on the Chancellor to boost investment, raise skills, and reduce business rates when he delivers his speech on 29 October 2018.

The employers' organisation urged Hammond to increase the annual investment allowance from £200,000 to £500,000 for two years and review the capital allowances system.

It also asked for a year's tax relief to be brought in for businesses that renovate an office, factory or store and to enable firms to benefit from lower business rates when property prices fall.

Carolyn Fairbairn, director-general at the CBI, said:

"As we near the end of Brexit negotiations, the world's gaze is fixed on these shores.

"This Budget is a pivotal moment and chance to showcase the UK as an open, collaborative and confident nation.

"Entrepreneurs here and around the world need to see a UK committed to harnessing the power of business to innovate and tackle problems, from sustainability to inequality.

"The Government must focus on making the UK a shining beacon of enterprise, at the top of every investment league table and known worldwide as a country that attracts capital and talent."

We can talk you through Budget 2018.

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