Responding to today’s Spring Budget and the Chancellor’s decision to increase corporation tax from 19 to 25 per cent, BritishAmerican Business CEO, Duncan Edwards, commented:

“I know from speaking with US investors over the last few weeks that today’s confirmed increase in corporation tax will be met with disappointment.

“At a time when the UK’s competitors are not only reducing tax but boosting incentives for business, it’s a real shame the UK Government has decided to take this stance.

“Nevertheless, we welcome the Chancellor’s announcement of full capital expensing for the next three years. This will no doubt help soften the blow to companies affected by the corporation tax rise.

“BAB also welcomes the Chancellor’s plans for 12 new Investment Zones across the UK. This announcement has the potential to attract valuable investment and boost economic growth.

“It is good news that the Government is earmarking £20billion to support carbon capture technologies. We look forward to further detail on how the UK plans to respond to the US Inflation Reduction Act. It is critical that the UK develops an ambitious and far-reaching strategy in this space.”