Chancellor Philip Hammond has ruled out post-Brexit cuts in corporation tax and business regulations, saying:
‘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’.
‘The amount of tax we raise as a percentage of our GDP puts us right in the middle of the pack. We don’t want to change even after we’ve left the EU’.
‘I would expect us to remain a country with a social, economic and cultural model that is recognisably European’.
However, earlier in the year, Mr. Hammond said that ‘if Britain were to leave the European Union without an agreement on market access, we could be forced to change our economic model to regain competitiveness’.
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