UK corporation tax to rise to 25% on PM Truss's u-turn
In a Sept. 23 "mini-budget", Kwarteng had said corporation tax would be frozen at 19%, scrapping the rise planned by his predecessor, alongside a raft of other unfunded tax cuts which have since roiled financial markets.
Aimed at driving growth, the 45 billion pound tax-cutting programme instead battered the pound, forcing the Bank of England to intervene to stabilise markets, and caused political backlash, which has now cost Kwarteng his job.Speaking at a news conference, Truss said she had decided to keep the rise, a move which would boost the public finances by 18 billion pounds .British companies had not been vocal in their support of the corporation tax freeze.
The government said in a statement that smaller and less profitable businesses would not pay the full 25% rate, and companies with less than 50,000 pounds of profit would continue to pay corporation tax at 19%. Kitty Ussher, chief economist at the Institute of Directors, said that the corporation tax freeze was not something the organisation had requested.She said that recent political upheaval plus the surge in inflation was weighing on the investment plans of the mid-sized firms that make up the bulk of the IoD's membership.
Kwarteng's cut to the highest rate of income tax, another part of his mini-budget, had already been reversed earlier in October.Reporting by William James and Kylie MacLellan, additional reporting by William Schomberg, writing by Muvija M and Sarah Young, editing by Tomasz Janowski, Kirsten Donovan
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