Conservative Party Chairman Greg Hands has said the Government “certainly hopes to be able to bring down the tax burden.”
Pressed on the rise in corporation tax, in an interview during Friday Morning with Esther McVey and Philip Davies, the Tory Chairman told GB News:
“I think we have to look at the context, which is obviously recovering from the pandemic and paying off a lot of what we did, the support we gave to the economy and to businesses and individuals during the pandemic. Putin’s invasion of Ukraine, spiked inflation and energy prices, and we’re still coming out of that.
“So we’re still making sure the public finances recover from the shock of the last couple of years, but clearly, we do want to be getting taxes down in the medium term, which is also a priority for the Government.”
The Conservative Chairman continued: “Well, we’re still very competitive overall on corporation tax and with the changes we made in terms of the tax cut for investment…
“We’re also doing offering measures to encourage people to get back into the workforce. The announcements on child care, the lifting of the pension cap will bring people back into the workforce.
“That’s been one of the challenges after the pandemic, there has been not enough people who have returned to the workforce. That is something we’re working on as well.”
He continued: “Since 2010, we’ve actually got one million extra businesses in this country. We’ve grown that from 4.6 million to 5.6 million.
“So the number of businesses has really increased under this government and we’re making sure that people are incentivised to invest for the future, particularly in manufacturing, to make sure that the UK is equipped for the future, with high good paying jobs, bringing people back into the workforce. That’s what the economic recovery is all about.”
“Since 2010, we’ve actually got one million extra businesses in this country. We’ve grown that from 4.6 million to 5.6 million.”
Asked if taxes at the next General Election will be lower than today, he said: “Obviously there’ll be further fiscal events over the course of this year, next year.
“We’ll have to see, but certainly the hope of the Government is to be able to bring down that tax burden.
“We are uncomfortable having the taxes, some of the taxes at the rate that they are.”
Source: GB News
Main photo: Attribution 3.0 Unported (CC BY 3.0) licence.