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A leading UK fund manager, backed by veteran financier Peter Hargreaves, has called on the Government to cut corporation tax to 15 per cent, saying Britain should be “at least on a par” with the Republic of Ireland to remain competitive.
Stephen Yiu, manager of the Blue Whale Growth Fund, which controls assets worth £915 million, said companies needed an “additional incentive” to invest in the UK and the 25 per cent corporate tax rate would do so. put it at a disadvantage compared to its European neighbors. .
“Brexit should have given us a lot of freedom to do what we couldn’t do before,” Yiu said.
Downside: Stephen Yiu said companies needed ‘additional incentive’ to invest in the UK
Reducing corporate taxes to an effective 15 per cent, similar to rates in the Republic of Ireland, would be an “inspiration”, the fund manager said.
The move would also make Britain “extremely competitive relative to other Western countries such as France, Germany or even the United States”, where tax rates are higher.
“This is a good way to attract businesses to the UK,” Yiu said.