Labour Reverses Position on Corporation Tax Hike

Today Labour will force a Commons vote to back Biden’s plans for a global minimum rate of corporation tax, despite Starmer previously insisting that ‘now is not the time‘ for tax rises and directly opposing the government’s hikes in the Budget. Labour’s attempts to shore up their “pro-business credentials” lasting a record two months…

Biden’s proposal – which will be set out in full at the G7 summit – would see a minimum business tax rate of 21%, and surrender Britain’s levers over its tax policy to an international body which includes the US, Germany, France, Canada, Italy and Japan. This is the second time in a week that Labour have suggested handing over our sovereignty… 

 

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