Cancel tax rise to boost investment, say business chiefs

Britain is becoming a less attractive place in which to invest and the government should respond by cancelling the planned increase in corporation tax, according to a survey of business leaders.

It found that ensuring the UK could attract investment was “utterly vital” if ministers wanted to revive economic growth and raise living standards.

The Centre for Policy Studies, which interviewed more than 100 company founders, investors, chief executives and entrepreneurs, warned that the government had yet to put forward the policies, or produce a narrative, that made an irresistible case for Britain as a place to do business, while countries such as France were pouring resources into wooing investors.

The right-of-centre think tank said its interviewees felt that Britain had enormous natural advantages but was becoming less open to talent and investment.

In a report published today, it says: “Investors are not only worried about the UK’s trajectory, but concerned that the government is not as focused on the problem as it should be. While they welcome steps such as the creation of the Office for Investment, there is a consensus that we are too reliant on, and complacent about, our existing advantages. And if the government has a story to tell investors about why post-Brexit Britain is the best place to come, it is not one that enough of them have heard.”

Read more in The Times here.

Date Added: Tuesday 31st May 2022