Business leaders have warned prospective Conservative party leaders against making headlines over cuts to corporation tax without a longer-term plan for growth and support for investment in the UK.
MPs such as Liz Truss and Nadhim Zahawi, who are vying to become the next prime minister, have put tax cuts at the centre of their pitches, including reversing the proposed increase in corporation tax. Some have also advocated business rates reform and reducing National Insurance costs.
Businesses are sceptical about the need for an immediate cut to corporation tax, however, arguing that it is a tax levied on profits at a time when many companies are facing recession.
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