US giants snub Britain over taxes, KPMG says
American companies despise Britain due to high tax burden and lack of economic ambition, according to KPMG
American companies are looking down on Britain because of the high tax burden and lack of economic ambition, according to KPMG.
In a revelation that will increase pressure on Jeremy Hunt to scrap a planned increase in corporate tax, policy director Tim Sarson said there was “a general feeling that the UK is not quite what it used to be”.
Not competitive: American companies are looking down on Britain due to high tax burden and lack of economic ambition.
He said US giants are making “loud noises about the lack of competitiveness of the UK regime”, and dozens of them decided not to invest in the UK last year.
Sarson told The Telegraph: “We’re not seen as a hopeless case, but people often joke on conference calls, ‘What the hell are they doing?’
He said the ‘signal’ sent by the increase in corporate tax, due to rise from 19% to 25% next month, was discouraging investors.
The chancellor has faced pressure from Conservative lawmakers and industry bosses to cancel the increase, which they argue will drive away investment and stifle economic growth.