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The Chancellor, George Osborne has risen to his feet in the House of Commons at 12.30 pm and has embarked on what is regarded as one of the most important and far-reaching Budget speeches in a generation.

Large numbers of UK businesses are worried about a possible hike in capital gains tax in the emergency Budget, particularly if the government fails to define an accurate distinction between business and non-business assets.

The government should resist any temptation to axe the ‘time to pay’ scheme that allows businesses to defer their tax payments.

No government department budgets should be firewalled against spending cuts, the British Chambers of Commerce (BCC) has argued.

The emergency Budget will be delivered at 12.30pm on Tuesday 22 June.

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