Cut in Corporation Tax should be first step in many to anchor investment in the UK, says EEF

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Commenting on the Chancellor’s five priorities, including lowering Corporation Tax, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, says: “The Chancellor is right to focus on action that will anchor investment in the UK – this is critical at a time of economic uncertainty.

“The five priorities the Chancellor has set out – including lower Corporation Tax, forging ahead with investment in the North and ensuring support for bank lending – are welcome, but must be the first steps in many. Forecasters are pointing to significant risks to business investment in the next few years, so it is vital that the Treasury works closely with industry to identify other blockages that will need to be tackled. This includes keeping the R&D tax credit competitive, excluding plant and machinery from business rates calculations, boosting the Annual Investment Allowance for smaller companies and delaying the apprenticeship levy, amongst others.”

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