Reduce corporate taxes, demands British fund manager Blue Whale
A leading British fund manager, backed by financial veteran Peter Hargreaves, has called on the government to cut corporate tax to 15 percent. He believes Britain needs to be ‘at least on par’ with the Irish Republic to remain competitive.
Stephen Yiu, manager of the Blue Whale Growth Fund, which manages assets worth £915 million, said companies needed “extra incentive” to invest in Britain and that the 25 percent corporate tax rate put the country at a disadvantage compared to its European neighbors. .
“Brexit should have given us a lot of freedom to do what we couldn’t do before,” Yiu said.
Downside: Stephen Yiu said companies needed ‘extra incentive’ to invest in Britain
Cutting corporate tax to an effective 15 percent, similar to rates in the Republic of Ireland, would be a “source of inspiration”, the fund manager said.
The move would also make Britain “extremely competitive against other Western countries such as France, Germany or even the US”, where tax rates are higher.
“That’s a good way to attract companies to Britain,” Yiu said.