Boris delays corporate tax cuts to help NHS

In an address to the Confederation of British Industry (CBI) Boris Johnson has vowed in a statement to business leaders to delay cuts in corporation tax in order to fund ‘priorities’ such as that of the NHS and other public services. This policy is one which undermines the economic line that the conservatives towed in recent history, namely that of less corporation tax freeing up funds to be spent on public services. The tax cut was originally a policy of the previous conservative chancellor George Osborne, which lowered the historically low rate of corporation tax, currently at 20%, to 17%. In his statement Johnson justified the move by stating the money saved as a result of the delay will amount to ‘£6billion’ in public spending. This news comes in the same week as the IFS criticised both Labour and The Conservatives in terms of their fiscal pledges, which they stated as ‘not credible’. 

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Samuel Woolford