LIZ Truss is considering raising Corporation Tax next year in a spectacular mini-Budget u-turn, The Sun can reveal.
Her vow to cancel Rishi Sunak’s hike from 19 to 25 per cent tax next April was the centrepiece of her campaign to be PM – but that promise could now be junked.
Liz Truss is considering raising Corporation Tax[/caption]
Ms Truss and Chancellor Kwasi Kwarteng have been warned they have a £60billion black hole in their tax and spending plans – with sources confirming “a rise in CT is on the table.”
Another Downing Street insider insisted “it will not go all the way up to 25 per cent” and Britain will “remain competitive on the international stage.”
A separate source added: “The PM wants to keep the mini budget plan intact but is of course committed to making sure the numbers add up on the 31st.”
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But No10 sources confirmed a u-turn was under discussion.
Last month’s Growth Plan claimed not putting up the taxes on big business would see a £18 Billion hit to Treasury coffers by 2026/27.
Government sources insisted that next year’s penny off income tax would not be scrapped and the NICS rise will also be scrapped.
Stamp Duty changes remain unchanged but there could be “movement” on dividend tax plans and investment tax breaks.
No final decision has been made, and this morning the PM’s official spokesman promised there would be no more u-turns.
This is a breaking story…