Green MEP, Molly Scott Cato, has launched a petition calling for a halt in the race to the bottom on corporate tax.
Chancellor Philip Hammond recently suggested in an interview that Britain might transform into a low tax economy if the EU fails to provide the UK with an agreement on market access after Brexit. This was reiterated by Theresa May in her Brexit speech last week.
The petition calls on the government to work cooperatively with other EU countries on harmonising corporate tax rates across Europe and to ensure that the main rate of UK corporation tax rate is returned to a minimum of 28%. Molly said:
“The government has no mandate to turn the UK into a tax haven post Brexit. This may be the future vision that large corporations and wealthy elites have for the UK, but it is not the future that the vast majority of those who voted remain or leave have for our country.
“Corporations need to pay their fair share of tax to fund the infrastructure and public services we all depend on. Rather than threatening to race to the bottom on corporate tax rates, the government should instead be seeking to work cooperatively with our European partners to create a level playing field on tax.”
“I urge everyone to sign this petition and share it widely. Let’s send the government a clear message that we are not willing to let them use Brexit as an excuse to turn us into a tax haven.”