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BT joins growing opposition to corporation tax increase

BT joins growing opposition to corporation tax increase

The Chancellor has been warned by the telecoms giant BT that a proposed increase in the corporation tax rate in April from 19% to 25% would be catastrophic for investment. Jeremy Hunt will send Britain in a “drastically anti-investment direction” if he goes ahead with the plan, Simon Lowth, BT’s chief financial officer, said. He joins Ineos boss Sir James Dyson and Tony Danker, director-general of the Confederation of British Industry, in criticising the policy. Meanwhile, analysis by the Centre for Economics and Business Research (CEBR) suggests that the increase in corporation tax will hit the economy by around £45bn over the next decade as growth and productivity slows and a recent recovery in business investment goes into reverse. Douglas McWilliams, the CEBR’s deputy chairman, said: “A lot of business investment is now in software and new systems, so a lot of the potential new investments are very heavily tech based. And if you don’t make these investments, the tech sector won’t expand and that has an impact on productivity, because tech is one of the most productive sectors in the country."

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