LONDON: The UK Labour Party has called on the Government to cancel cuts to corporation tax, which it says would cut revenues by GBP15bn (USD18.4bn) by 2021.
The UK’s main corporate tax rate is to fall from 20 percent to 19 percent from April 1, 2017. It will fall again to 18 percent from April 1, 2020.
Labour has said that the revenues foregone could instead be used to employ 10,000 teachers, 10,000 police officers, and 12,000 nurses for a decade. Shadow Chancellor John McDonnell said: “We have known for a long time that the Tories’ cuts to corporation tax have cost the Exchequer billions, and today we have laid bare what this means for our public services. Labour is calling on the Government to reverse these deeply unfair tax giveaways and start properly investing in our vital public services.”
