May’s Brexit pitch: Britain, land of low tax and opportunity
POST-BrExiT Britain will be a low tax and ‘unequivocally’ pro-business country, Theresa May will declare today.
in a pitch to corporate leaders to invest in the UK, Mrs May will say the British economy will be ‘knowledge-rich, highly innovative, highly skilled and high quality but with low tax and smart regulation’.
Her speech to the Bloomberg Global Business Forum in New York will put clear blue water between the Conservatives and Labour.
After a week in which Labour’s Jeremy Corbyn and John McDonnell have set out an unapologetically socialist prospectus, the Prime Minister will repeat a pledge to keep Britain’s corporation tax at the lowest level of any G20 country.
Currently 19 per cent, the rate is due to fall to 17 per cent in 2021.
‘Dynamic and competitive’
Despite sharp reductions in the tax, which is levied on company profits, revenues from it have increased in recent years.
Mrs May’s comments will be seen as a sign of further tax cuts to come after Brexit.
She will pledge to create ‘one of the most dynamic and businessfriendly economies in the world’.
The Conservative leader will also promise to ‘spread the benefits of new sectors and technologies to every part of the country’. She will say: ‘My message today is that a post-Brexit Britain will be an unequivocally pro-business Britain.
‘Through our modern industrial strategy at home we will create one of the most dynamic and business-friendly economies in the world – driving investment opportunities for your businesses and spreading the benefits of new sectors and technologies to every part of my country.
‘And internationally – as a Global Britain – we will champion our vision for the future of the global economy: a vision that is based on openness, innovation, competition, high quality and intelligent regulation.
‘And we will be at the forefront of sustained international efforts to address the challenges facing global trade and to build a dynamic and competitive global economy that can truly work for everyone.’
She will add: ‘Whatever your business, investing in a post-Brexit Britain will give you the lowest rate of corporation tax in the G20.
‘You will access service industries and a financial centre in London that are the envy of the world, the best universities, strong institutions, a sound approach to public finance and a consistent and dependable approach to high standards but intelligent regulation.’
Despite the collapse of talks at the Salzburg summit last week, after which Mrs May accused EU leaders of failing to respect the UK, she will say she is still confident of getting a deal.
EU judges were branded ‘outrageous’ yesterday after ruling MEPs could keep secret how they spend £35million a year in expenses. The European Court of Justice judges ruled that having to prove how they spend £3,900 a month in taxpayer-funded expenses might breach their privacy.