Thursday 27 July 2017

Chancellor's bid to cut company rate should be a wake-up call to Ireland Inc

UK Chancellor George Osborne. Photo: GETTY
UK Chancellor George Osborne. Photo: GETTY
Dearbhail McDonald

Dearbhail McDonald

The ill winds of Brexit continue to blow hard and fast across the Irish Sea. Ireland's 12.5pc corporation tax rate was already under severe pressure from its European partners and American cousins long before the seismic decision by Britain to leave the European Union.

Yesterday, British Chancellor George Osborne upped the ante when he told the 'Financial Times' that he wants to set the lowest corporation tax rate of any major economy to help steer Britain out of a widely anticipated recession and to send a signal to investors that Britain is 'open for business'.

Mr Osborne, who has yet to decide which prospective Tory leader to back in that party's post-Brexit convulsions, wants to reduce Britain's corporation tax rate (which stood at 30pc in 2008) from its current 20pc to 15pc.

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