Chancellor hints he could cut corporation tax in next week’s Budget after better-than-expected growth figures

• Jeremy Hunt said he wanted UK to have ‘most competitive business tax rates’
• His comments were echoed by Rishi Sunak who said he wanted to cut taxes  

Jeremy Hunt has hinted that he could eventually cut corporation tax after better-than- expected growth figures appeared to give him more room for manoeuvre in next week’s Budget.

The Chancellor said he wanted Britain to have ‘the most competitive business tax rates’, but added: ‘We can’t get there all in one go.’

His comments were echoed by the Prime Minister who said it was his ‘very clear’ ambition ‘to cut people’s taxes’.

It came as official figures showed GDP grew by 0.3 per cent in January, beating forecasts for 0.1 per cent growth and bouncing back from a 0.5 per cent fall in December.

The GDP figures, together with more recent business surveys, yesterday prompted US bank Goldman Sachs to drop its prediction that the UK will go into recession.

The Chancellor said he wanted Britain to have ‘the most competitive business tax rates’, but added: ‘We can’t get there all in one go’

Source: Read Full Article