Published: 14 October 2022
BritishAmerican Business Statement in response to UK corporation tax decision
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Responding to the news of the change in Chancellor and the reversal of the decision to reduce the rate of corporation tax, BAB CEO, Duncan Edwards, commented:
“Just three weeks ago, BritishAmerican Business published a statement supporting the decision not to increase the rate of corporation tax and praised the pro-business, pro-growth initiatives in the ‘mini-budget’. Raising taxes on businesses and employment will reduce Britain’s ranking in the global competition for investment.
“It is therefore disappointing to see today that there has now been a second reversal and that corporation tax will indeed rise to 25% in April next year.
“We do recognise the need for the government to act in the face of economic instability, but in the recent conservative leadership campaign both the Prime Minister and the new Chancellor, Jeremy Hunt, made clear and strong commitments to lower corporation tax and to encourage a pro-business environment, and we hope they will find a way to fulfill this commitment.”
About BritishAmerican Business
BritishAmerican Business is the leading transatlantic trade association incorporating the British-American Chamber of Commerce in the US and the American Chamber of Commerce in the UK.
We are committed to strengthening the economic corridor between the United States and the United Kingdom by supporting policies and actions that protect and enhance the environment for transatlantic trade and investment on behalf of our members.
We convene and serve a growing network of companies and business leaders through networking opportunities, bespoke programming and marketing platforms.
We actively promote trade and investment and support those who make the transatlantic corridor part of their business growth ambition.