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CBI welcomes corporation tax reduction

Feb 22 2011

The CBI suggests that the rate of CT needs to go lower than 24 per cent

The Confederation of British Industry (CBI) has welcomed the government’s commitment to a phased reduction in the corporation tax rate to 24 per cent.

However, the lobbying organisation suggests that this rate ultimately needs to go lower than 24 per cent to make the UK truly competitive relative to other G20 countries.

CBI director-general John Cridland says, ‘The main purpose of tax reform has to be improved competitiveness, making the UK a more attractive location for inward and outbound investors.

‘Encouraging companies to base their operations in the UK will create jobs and growth. The government’s commitment to move towards a lower corporate tax rate will help this, but at the same time it must address the effective tax burden on businesses which currently makes the overall system uncompetitive.’

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