`Boost savings' plea to Chancellor

Pre-Budget lobbying continues with a plea from the London Chamber of Commerce today for the Chancellor to promote investment and savings rather than raising taxes. Boosting savings would be the best way to take the heat out of the economy, chief executive Simon Sperryn said. "Any increase in taxes would choke the prosperity London is currently enjoying," he said, predicting that unemployment would fall sharply in the capital this year.

Separately, the Federation of Small Businesses asked for a tax exemption for small companies to retain their profits for expansion and the reintroduction of full first-year capital allowances.