Rees-Mogg stands firm on corporate tax cuts: ‘It’s good for everyone’ | Politics | New

Jacob Rees-Mogg continued to support the Chancellor’s mini budget plan to deliver a series of tax cuts to promote economic growth. Despite a quick flip-flop on Tory plans to cut the top income tax rate, the Conservative government under Liz Truss appears to be standing firm on other tax cut promises. The business secretary said the plan to scrap a planned rise in corporation tax from 19% to 25% was a move that would be “beneficial for everyone”.

Speaking to GB News, Mr Rees-Mogg claimed: ‘Not having a raise is a very good policy.

He continued: “The reduction in corporate tax from 28% to 19% resulted in an increase of approximately 50% in corporate tax revenue and an increase in corporate tax as a percentage of GDP.

“It has actually provided more money for HMRC to pay for the utilities we need.

“It’s a policy that benefits everyone – it’s better for business and it’s better for the Treasury.”

The planned corporate tax cut will be accompanied by a series of further tax cuts outlined in the Kwasi Kwarteng mini-budget.

The previously implemented hike in National Insurance rates will be dropped under the new Prime Minister and the basic rate of income tax will also be increased from 20% to 19%.

In an unexpected move, the Chancellor also announced that the cap on bankers’ bonuses would be lifted.

Much of the economic package covers a massive £60billion energy package which will ensure the majority of households pay no more than £2,500 in their annual energy bills under the threat of rising fuel costs.

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