On 28 April 2017 the Centre for Policy Studies published “Why Corporation Tax Cuts Work” which highlighted the increased onshore receipts from the tax, even after the government cut the rate to aid competitiveness.
The paper also analyised Labour’s plans for the corporation tax rate and the 12 different commitments they plan to fund using increased tax receipts, receipts which the paper shows cannot be raising with Labour’s proposed rate increase.
“The CPS said: “Labour’s plans on corporation tax and their associated pledges, on the other hand, would undermine the UK’s competitiveness and leave a series of unfunded spending commitments.”
Mr Gauke added: “This report exposes how Jeremy Corbyn’s sums don’t add up and would leave a £10 billion black hole which we will all pay for.
“Leaving Jeremy Corbyn in charge of our economy is a risk families can’t afford – his coalition of chaos would result in higher taxes, more debt, and more waste.
“The only way to secure our growing economy is with the strong and stable leadership of the Theresa May and the Conservatives.””
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Date Added: Friday 28th April 2017