Mini budget 2022 LIVE: Liz Truss to scrap corporation tax hike & ‘cut stamp duty’ in Kwasi Kwarteng statement on Friday

Liz Truss informs US tech giants of corporation tax reduction

Liz Truss has reportedly told business in the US that the UK will scrap the intended corporation tax rises on Friday.

Speaking to executives from Google, Microsoft and JP Morgan Truss reiterated her plan to turn the UK into a low tax, high investment market.

Speaking in New York today, the PM said: “This week the Chancellor will be doing his fiscal statement. I can’t pre-empt what he’s going to say, but what I can say – and I outlined this during the leadership campaign – is that we want lower, simpler taxes in the UK to incentivise investment, to get more businesses going in the UK, but also to encourage more people to go into work.

“We do, following Covid, have a significant number of people that are economically inactive.

“We want to encourage more of them to go into work with a tight labour market, get the right skills, as well as being a country that attracts economic investment.

“So we won’t be raising corporation tax, as was planned. We’ll be reversing the national insurance rises which took place earlier this year, and the Chancellor will be announcing various other simplification measures.”

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