Last week, Parliament held a debate on the Second Reading of the Finance Bill.
Richard Fuller MP, who contributed to the debate, said:
I am broadly supportive of the measures contained in the recent Budget and recognise the difficult economic circumstances in which it was delivered and the many competing pressures for Treasury funding.
That said, I took the opportunity to highlight that general taxation in this country is too high, and the path to economic growth is not through disincentivising international capital and international talent through a tax regime that places the UK at a competitive disadvantage to our competitors.
The Corporation Tax increase is a clear case of introducing a headline tax rate that will be a key factor in multinational corporation's decisions about whether to invest and set up operations in the UK. I questioned whether a better approach might be to assess the role of carbon taxes, as a means of achieving our Net Zero goals, instead of increasing Corporation Tax.
Richard's contribution can be watched here.
