You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
The prime minister has reversed the government’s plans to freeze corporation tax at 19% and instead increased it to 25% from April 2023
The prime minister has reversed the government’s plans to freeze corporation tax at 19% and instead increased it to 25% from April 2023.
"This will raise £18bn per year. It will act as a down payment on our medium-term fiscal plan, which will be accompanied by a forecast from the independent Office of Budget Responsibility," said Truss.
Also, Kwasi Kwarteng has been replaced as Chancellor by Jeremy Hunt.
06 Feb 2024
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
Would you like to download our mobile app from the App Store?