Prime Minister Theresa May has outlined the UK’s status as retaining the lowest corporation tax rate among the G20 group of countries today.
Speaking at the Confederation of British Industry (CBI) annual conference, she confirmed the 20 per cent rate is expected to fall by as much as three per cent in the next three years.
She has also suggested a series of pro-business measures to match those of President Elect Donald Trump. He hinted the equivalent US federal tax could be cut from 35 to 15 per cent facilitating further cuts in the UK.
Mrs May will also commit to a £2bn annual contribution toward scientific research and development in order to help boost the technology industry. In what was her first speech to the conference in London, she also pinpointed the first moves of the Government’s new industrial strategy.
This follows on from the news the Premier would help north east car producer Nissan, in terms of providing support for the latest technological advances, in order to keep vital jobs in the UK.
The Prime Minister said: “In the autumn statement on Wednesday, we will commit to substantial real terms increases in government investment in R&D investing an extra £2bn a year by the end of this parliament to help put post-Brexit Britain at the cutting edge of science and tech.
“And we will also review the support we give innovative firms through the tax system … because my aim is not simply for the UK to have the lowest corporate tax rate in the G20, but also one that is profoundly pro-innovation.”
All of this a day after former UK leader Tony Blair had been cited as calling her lightweight in recent Sunday Times article with particular reference to ‘Brexit’. Article 50 is due to be triggered by the end of March.