Theresa May to take an axe to tax

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AXE: Theresa May, pitched post-Brexit Britain as a “low tax and smart regulation” economy Photo Credit: Shutterstock

PRIME Minister of the UK, Theresa May, pitched post-Brexit Britain as a “low tax and smart regulation” economy in a speech to business leaders in New York, promising the lowest rate of corporation tax in the G20.

The Conservative leader told the Bloomberg Global Business Forum that the UK will be “unequivocally pro-business” when it leaves the European Union.

Business leaders have become increasingly frustrated with the UK government over the uncertainty around its Brexit plans, and what they regard as insufficient planning for a no-deal Brexit.

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The acrimonious summit in Salzburg, Austria, saw EU leaders reject Theresa May’s Brexit plan, prompting her to issue a stern riposte in which she said: “I have treated the EU with nothing but respect and the UK expects the same.”

But Carolyn Fairbairn, Director General of the Confederation of British Industry, has warned: “With time slipping away, employers and employees alike need to see constructive dialogue.

“Pragmatism must come before politics. Every day lost in rhetoric is lost investment and lost jobs.”

But the prime minister sought to provide assurances to businesses and said: “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.”

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