Labour will review the business tax regime as part of its plan to make the UK the fastest growing economy in the G7.
Shadow chancellor Rachel Reeves will give a speech today to Make UK’s annual conference, criticising “yo-yo” changes to corporation tax.
Reeves is planning to say corporation tax has “gone up and down like a yo-yo… it’s no wonder businesses are unable to plan and our investment rates are cratering”.
Business groups have complained that when UK corporation tax rises from 19% to 25% in April, the government’s two-year “super deduction” scheme for capital spending, offering 130% tax relief on companies’ purchases of equipment, will have just expired.
