16 12 2019

UK Prime Minister Cancels Corporate Tax Cut

UK Prime Minister Boris Johnson has announced that his party intends to cancel a planned cut to the corporate tax rate, which was scheduled for April 2020.

Johnson said the rate cut, from 19 percent to 17 percent, would come with a GBP6bn-a-year price tag. He said his government would adopt a fiscally prudent approach and shelve the plan, instead allocating the funding to the National Health Service.

His comments came at the Confederation of British Industry's annual conference, which was also addressed by Labour leader Jeremy Corbyn and the leader of the Liberal Democrats, Jo Swinson.