Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an estimate of the potential impact of reducing (a) corporation tax to 15 per cent, (b) income tax to 18 per cent and (c) capital gains tax to 10 per cent on annual tax receipts.

Spring Budget 2023 delivers a package of measures that further strengthen the UK’s position as one of the most competitive major economies. The economic and fiscal impact of changes in tax policy are factored into the Office for Budget Responsibility’s forecasts. Further detail is available in the OBR’s Economic and Fiscal Outlook which is published at fiscal events.

The Government keeps the tax system under constant review and the Chancellor has signalled his intention to cut business taxes further when it is responsible to do so.