Mini-budget: businesses in the West Midlands are calling for "long term support"
The Chancellor will set out plans later on today
The mini-budget will be unveiled by the new Chancellor Kwasi Kwarteng today, who will set out the Government's plans to boost the economy amidst the cost-of-living crisis.
The budget is said to include cutting national insurance, scrapping a planned increase in the amount of tax companies pay on their profits, ending the cap on bankers' bonuses as well as tightening the rules around universal credit.
It has also been suggested that the mini-budget will announce "special investment zones" in up to 12 UK areas, including the West Midlands. There is speculation the areas will be able to cut personal taxes, tear up affordable housing quotas, and even water down environmental pledges to get firms building.
The tax-cutting plans under consideration could cost at least £30bn.
And the Greater Birmingham Chamber of Commerce is calling on the Government's mini-budget to include longer term plans to help businesses.
Raj Kandola, Head of Policy at The Greater Birmingham Chamber of Commerce, says: "what we are really hoping is, that the Chancellor understands the crippling cost pressures that firms are facing right now and offer additional support for those that are haemorrhaging cash.
"There is an underlying resilience amongst local businesses but that resilience is going to be tested to the maximum, unless we see additional support from the Government to help firms get through the next few months," he said.