Post-Brexit Britain ‘good for business’

Prime Minister Theresa May has sought to reassure business leaders that Britain after Brexit would be “unequivocally probusiness” and would have the lowest corporate tax rate in the Group of 20 (G20).

In a speech to the Bloomberg Global Business Forum in New York on Wednesday, May expressed confidence that Britain would secure a deal with the EU before it withdraws from the bloc in March 2019.

“A post-Brexit Britain will be an unequivocally pro-business Britain,” she said, adding that businesses should “look forward to the post-Brexit world with confidence”.

She added: “Whatever your business, investing in postBrexit Britain will give you the lowest rate of corporation tax in the G20,” a reference to the Group of 20 major economies.

Her Conservative Party’s manifesto has pledged to reduce the corporate tax rate from 19% currently to 17% by 2020.

May’s comments came as opposition Labour leader Jeremy Corbyn closed his party’s annual conference in Britain with a very different message.

He warned that “companies are losing patience” and planning to relocate abroad.

“The Tories are well aware of this, but some see Brexit as their opportunity to impose a free market shock doctrine in Britain,” he said.

Elsewhere, May acknowledged that in the Brexit talks, “the coming weeks will be critical” but said she was confident the two sides could strike a deal.

Last week, EU leaders rejected her plan for future economic ties and demanded a rethink by a summit in mid-October.

May’s plan would see Britain follow EU rules on goods but not on services, and maintain freedom to strike its own trade deals with non-EU countries.