Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact on the UK economy of (a) cancelling his planned corporation tax rise from 19% to 25% and (b) reducing that rate to 15%.

The UK’s main rate of Corporation Tax is currently legislated to increase from 19 per cent to 25 per cent from April 2023. The Prime Minister has committed to cancel this rate increase. The Chancellor will set out any plans on tax and implementation in due course.