The UK should cancel its planned corporate tax increase in order to ensure Britain remains an attractive place to do business, according to a new report by the Centre for Policy Studies.
The UK’s corporate tax on companies with annual profits of more than £250,000 is due to rise to 25% in April from the current 19% as part of Chancellor Rishi Sunak’s efforts to bring down government borrowing.
While business leaders still see the UK as being more attractive than its European counterparts as a place to do business, Britain is losing ground, according to the centre, which says it interviewed more than 100 investors and business leaders for its report.
The CPS is calling for the UK government to enhance tax breaks that boost investment, reform regulations that hold back investment and empower cities and regions to promote themselves as destinations for new capital.
Read more in Bloomberg here.
Date Added: Tuesday 31st May 2022