Violet Hudson

Corporation tax, Facebook and Italian banks

Corporation Tax

The Prime Minister will today pledge to match the lowest corporation tax rates within the G20 — even if that means sinking to President-elect Trump’s 15 percent, says The Times. At her conference speech, Theresa May seemed to signal that she would be cracking down on big business which saw tax as ‘an optional extra’. She also criticised companies that use cheap foreign labour over British workers. But now she is softening her stance on businesses, and will tell the CBI Annual Conference today that she plans to make the UK one of the most vibrant economies in the world by keeping tax rates low. Corporation tax currently stands at 20 percent, and is due to be reduced to 17 percent by 2020 under existing plans. However the Tory pledge to keep the lowest taxes in the G20 means that it could be cut down to 15 percent if Trump keeps his election promises.

Her statement suggests a disagreement between the Prime Minister and the Chancellor of the Exchequer.

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