UK politics live: Reeves promises to cap corporation tax at 25% in boost to British businesses
Keir Starmer and Rachel Reeves to promise to ‘rip out bureaucracy’ in keynote speech to business owners
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
The government will cap corporation tax at 25 per cent for the rest of the Parliament and set out a roadmap on business taxation to provide “certainty” for investors, Rachel Reeves has announced.
The Chancellor told guests at the International Investment Summit that the Government would “create a tax system that supports wealth creation and increases business investment”.
She said: “I know that providing certainty is right at the heart of that. The constant changes that we have seen in corporation tax in recent years have caused instability.
“So at the Budget, this Government will be outlining a corporate tax roadmap. We will cap the rate of corporation tax at 25%, the lowest in the G7, for the duration of this Parliament.
“We will maintain a world-leading capital allowances offer, with full expensing and the £1 million annual investment allowance, and we will maintain the current rates for the research and development reliefs which provide generous support for innovation.
“This is a vital step to deliver certainty and support businesses to grow.”
Starmer vows bonfire of red tape to get Britain building ahead of investment summit
Starmer’s chance to put growth back at the top of the agenda
Tories cannot win elections with Badenoch or Jenrick, warns Britain’s top pollster John Curtice
Jenrick promises to make Jacob Rees-Mogg party chairman if he wins the Tory leadership contest
How the quietly radical Co-op Party is a driving force behind Labour’s plans for power
Jonathan Reynolds says P&O Ferries is not a rogue operator and should not be boycotted
70 Labour MPs urge Rachel Reeves to commit to billion-pound spend ahead of budget
Scores of Labour MPs have urged Rachel Reeves to embrace spending tens of billions more on ailing public services ahead of the budget.
A group of 70 supportive Labour MPs have written to Reeves urging her to commit to a major rewriting of fiscal rules that would allow tens of billions to be poured into schools, hospitals and transport links.
The letter from the Labour Growth Group warns Reeves that Labour must not repeat mistakes by ducking the “tough choices required to unlock investment” and encourage growth.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments