British Prime Minister Theresa May has vowed to bring taxes down to the lowest rates in the G20. The purpose is to give Britain the opportunity to become economically powerful after Brexit.
Lowest Taxes in the G20
Prime Minister Theresa May has revealed that Great Britain will have “the lowest rate of corporation tax in the G20” following Brexit. The official announcement is made on Wednesday, when Britain pledges to use “smart regulation” and lower taxes in order to turn Britain into a powerhouse economy that the E.U. will envy post-Brexit.
The announcement was created specifically to be made to an audience in the United States. The idea is that once Great Britain leaves the E.U., it will become “one of the most business-friendly economies in the world.”
Addressing the World
In addition to attempting to appeal to foreign investors, P.M. May’s comments are designed to work to sway Euro-sceptics that she is capable of getting the most out of Brexit as she gets ready to face a demanding Conservative Party conference at the start of October.
That said, not everyone is in agreement with May, even within her own Cabinet. Many of her colleagues have suggested that it would be more favourable to seek a deal comparable to Canada’s, indicating that her current path would be worse for the United Kingdom than a hard Brexit.
Scrambling for a Brexit Deal Plan
May’s efforts to achieve a Brexit deal based on her Chequers plan through parliament were cut down when Tory MP Euro-skeptics took a stronger stance in opposition.
Theresa May pledges lowest business tax rate in G20 post Brexit https://t.co/gsliGSsaFM
— Tom McTague (@TomMcTague) September 25, 2018
European Research Group vice chairperson Mark Francois said: “If push really comes to shove, and they try to push Chequers through the House of Commons, then I and my colleagues will vote against it.”
As a result, about 60 Tory MPs would likely vote in opposition to a Chequers-based Brexit deal. This, combined with the Labour Party’s votes would eliminate the working majority within the Government. That said, P.M. May still seems confident she will be able to sway enough of the Tory MPs to support the Brexit deal she negotiates.