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Chancellor John Healey has been urged to use stronger figures on the economy to ease the tax burden on business.<\/p>\n
New data shows GDP rose by 0.5% between April and June \u2013 up from the 0.4% previously reported by the Office for National Statistics (ONS).<\/p>\n
Mr Healey will present his budget at the end of October and should take advantage of the improving outlook to help firms still under the cosh, say economists.<\/p>\n
Dr Valentin Boboc, senior economist at the Institute of Economic Affairs, said: \u201cToday\u2019s figures are promising, with growth revised upwards and business investment continuing to rise.<\/p>\n
\u201cBut the Chancellor should not be complacent or treat these figures as a licence to hike taxes at the Budget. Britain\u2019s economy still faces significant barriers to stronger and more sustained growth.<\/p>\n
\u201cThe government should build on this momentum by easing the burden on businesses and workers, with lower and simpler taxes, lighter\u00a0regulation\u00a0and cheaper energy. Further tax rises would risk undermining the very growth the Chancellor needs to strengthen the public finances.\u201d<\/p>\n
Danni Hewson, head of financial analysis at AJ Bell, said: \u201cGood news about the resilience of the UK economy will help reinforce the \u2018good vibes\u2019 this government is keen to instil, but there\u2019s no doubt that all of us, especially the chancellor, have one eye on the horizon..<\/p>\n
\u201cWhilst it\u2019s important to celebrate the resilience of the UK economy despite the headwinds of global instability, there\u2019s no getting away from rising prices. <\/p>\n
\u201cThis is already evident at the petrol pump and energy bills look set to increase at the exact moment when people will need to use more power.\u201d<\/p>\n
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