Jeremy Corbyn said business had "so much to gain" from a Labour victory in terms of investment while Jo Swinson said the Liberal Democrats were the "natural party of business" because they wanted to cancel Brexit.Addressing the audience of top executives and entrepreneurs, Mr Johnson said they had "created the wealth that actually pays for the NHS".Stressing his party's "emphatic belief in fiscal prudence", he said he had decided against going ahead with a further cut in corporation tax, a step first proposed by Chancellor George Osborne in 2016 to boost business in the wake of the Brexit referendum.Mr Johnson said the UK already had the lowest rate of corporation tax of "any major economy" and further cuts would be "postponed". In recent years we have become used to seeing the Corporation Tax rate fall on a regular basis. With the Corporation Tax rate at 19%, WordPress Developers Ltd is due to pay: £42,523 x 19% = £8,079.37 in Corporation Tax
The prime minister used a speech at the CBI conference to say corporation tax will not be cut from 19% to 17%, and issued a plea for business leaders to show understanding about his priorities. It’s not anti-business to want prosperity in every part of our country and not only the City of London.“And I say this to business too: if a Labour government is elected on 12 December you’re going to see more investment than you ever dreamed of. Prime Minister Johnson made a pre-general election pledge to reverse this in November 2019 and the change is included in draft Finance Bill 2020. It is not nonsense to be against poverty pay. In 2010, the corporation tax rate stood at 28%. You’re going to have the best-educated workforce you’ve ever hoped for. These are external links and will open in a new windowPlanned cuts to corporation tax next April are to be put on hold, Boris Johnson has said, with the money being spent on the NHS and other services. Reduced 2020 Corporation Tax Rate of 17% Scrapped. "It is sometimes claimed I am anti-business," he said. Given the government's argument has long been that cuts to corporation tax raise revenue, it is interesting to see the PM now say that cancelling cuts will also raise revenue.It is meant to show clear blue water between the Conservatives and Labour on fiscal credibility. George Osborne had originally The prime minister’s calculations of the money saved will raise questions about Tory claims that cutting corporation tax does not cost the Treasury money.Johnson also dropped a heavy hint he would include a major pledge on childcare in his manifesto.Speaking at a hotel in Greenwich, south-east London, Johnson said the “I hope you understand that it is the fiscally sensible thing to do,” he said.Elsewhere in his speech, the prime minister made a pitch to business leaders that he would get Brexit done and create certainty for them. "Before you storm the stage, let me remind you that this saves £6bn that we can put into the priorities of the British people including the NHS," he told the audience.But many economists said the latest cut would be potentially counter-productive in terms of tax yields, with a In response, CBI director Carolyn Fairbairn said the move could "work for the country if it is backed by further efforts to the costs of doing business and promote growth". I’ve put forward this because I think it is sensible and doable.”Corbyn also defended Labour’s ambition for a four-day week within the next decade, when asked how it would fit in with ambitions to improve the UK’s lagging productivity.“The shorter working week that we aspire to will be funded and paid for by productivity increases,” he said.Jo Swinson, the Lib Dem leader, also spoke at the conference, promising to scrap business rates and replace them with a commercial landowners’ levy. The corporation tax rate is 31 per cent in France, 30 per cent in Germany and 29 per cent in Belgium. That the tax will be reduced to 17% by 2020.