UK 'won't cut taxes post-Brexit', Chancellor states

01 Aug 2017

Chancellor Philip Hammond has suggested that the UK won’t cut taxes and fiscal regulations after Brexit.

The Chancellor stated that the UK will remain within the ‘EU average’ in terms of tax rates, and will not seek to reduce taxes in a bid to become more competitive.

He commented: ‘I often hear it said that the UK is considering participating in unfair competition in regulation and tax.

‘That is neither our plan nor our vision for the future.

‘I would expect us to remain a country with a social, economic and cultural model that is recognisably European.’

In January, Mr Hammond stated that the government may have to ‘change its economic model’ if the UK was unable to remain in the EU single market.

He commented: ‘We will change our model, and we will come back, and we will be competitively engaged.

‘I personally hope we will be able to remain in the mainstream of European economic and social thinking. But if we are forced to be something different, then we will have to become something different.’

The Chancellor’s recent statements come amid ongoing Brexit negotiations, with government officials debating the free movement of EU citizens in the UK.


hcwa_logoBAS_logoicaew_logoChartered Tax Advisers logo
Copyright

© 2018 Mark J Rees LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0116 2549018

Address
Mark J Rees LLP, Granville Hall, Granville Road, Leicester, Leicestershire LE1 7RU

Mark J Rees LLP is a Limited Liability Partnership Registered in England & Wales Number OC362074. A list of members’ names is available at the business address. MJR, Mark J Rees and MJR Wealth Management are trading styles of Mark J Rees LLP which is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and authorised and regulated by the Financial Conduct Authority.

‘Partner’ refers to a director of a corporate member.