Boris Johnson postpones corporation tax cuts

Prime Minister emphasises funding the National Health Service in speech to business leaders

British Prime Minister Boris Johnson has announced a postponement of further corporation tax cuts, in a speech to British business leaders.

He told the the UK Confederation of British Industry (CBI): “We are postponing further cuts in corporation tax. This saves six billion pounds that we can put into the priorities of the British people, including the NHS [National Health Service].”

In 2016 the Conservative government committed itself to reducing the main rate of corporation tax to 17 per cent for the year beginning April 1, 2020. It had set the rates for 2017, 2018 and 2019 at 19 per cent.

The Labour Party has long opposed the Conservative party’s commitment to corporation tax cuts.

Mr Johnson routinely championed the effectiveness of tax cuts in the years leading up to his entry into Number 10.

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During the 2016 Brexit referendum the CBI was one of the most vocal supporters of remaining in the European Union. Mr Johnson decried the current economic climate of: “Britain stuck in gridlock and our economy stuck in first gear. Extension to extension. Marching business up to the top of the hill, only to march them down again.”

He went on to argue: “With a Conservative majority government you can be sure we will get Brexit done and leave with the new deal that is already agreed – ending the uncertainty and confusion that has paralysed our economy.”

FURTHER READING: Trump plays down prospect of post-Brexit trade deal with UK

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