Corporation tax rise goes against Tory values, suggests former minister
The Institute for Fiscal Studies head also predicted there was only a 50-50 chance that the hike to 25 per cent would actually happen
5 March 2021 • 9:17am
Rishi Sunak’s corporation tax rise marks a “significant departure” from Conservative principles and will have a “long-term detrimental effect” economically, a former Tory chief treasury secretary has warned.
The Chancellor suggested on Thursday that his predecessor George Osborne’s strategy to cut the corporate tax rate should be questioned.
Mr Osborne incrementally slashed the levy from 26 per cent in 2011 to 20 per cent in 2016. It was cut a further percentage point the following year and has remained at 19 per cent since.