Chancellor says he will ‘back business’ amid pressure to raise taxes at the Budget

• Chancellor John Healey has promised his upcoming Budget will focus on cutting the cost of doing business and supporting British entrepreneurs.
• The announcement comes as UK government borrowing rose to £24.5 billion last month, tightening public finances ahead of the fiscal event.
• Mr Healey faces pressure to raise taxes or cut spending due to soaring borrowing costs and weaker economic growth.
• Business group chief Rain Newton-Smith has urged the Chancellor to give firms breathing space and avoid tax increases on the financial sector.
• The government is reportedly considering raising the tax surcharge on bank profits from 3 per cent to 8 per cent.

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