![]() Sir John said: “The corporation tax rise will affect the attractiveness of Britain as a place to invest, including for people here who may decide to divert their tax rates to somewhere else. Sir John Redwood, who led Margaret Thatcher’s No 10 policy unit, said there had been “no proper growth agenda” in the Budget and that the Government is pursuing “socialist” policies. “If you've worked hard all your life and done the right thing, you are being hit by rising bills and there's nothing for you.”Īnother former frontbencher labelled the corporation tax rise “a Labour policy that is being backed by the Conservatives, and vice versa”. MPs, including members of the Conservative Growth Group set up by allies of Liz Truss, the former prime minister, were also dismayed by the decision.Ī former cabinet minister who feared there was “nothing” in Mr Hunt’s announcement for small businesses told The Telegraph: "You look at the markets and it feels like is a non-event. Meanwhile, Lord Bridges, a former Tory Brexit minister, said his party was “in danger of slipping into the groupthink that higher spending, higher taxes and a bigger state are the path to prosperity – they are not”. After all, there is no credible path to strong, sustainable economic growth if the economy is subjected to both high tax and high regulation.” “And surely there's more work to do to unburden companies from excessive regulation. “From my reading of the Budget, we can see the beginnings of a credible growth plan, although it seems a concern that corporation tax in 20 has been reaffirmed to rise from 19 per cent to 25 per cent,” she said. Lord Bilimoria, the founder of Cobra Beer and a former president of the Confederation of British Industry, warned that ministers are “killing the goose that lays the golden egg”.īaroness Moyo, who worked as a research economist and strategist at Goldman Sachs, used her maiden Lords speech on Wednesday to criticise the increase. Jeremy Hunt defied warnings about damaging Britain’s ability to compete internationally by increasing the rate from 19 per cent to 25 per cent in the Budget. ![]() Senior business figures in the House of Lords have lined up to attack the Government’s decision to push ahead with the rise in corporation tax. ![]()
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