According to KPMG, American companies reject Britain because of the high tax burden and lack of economic ambition
American companies reject Britain because of its high tax burden and lack of economic ambition, according to KPMG.
In a revelation that will pressure Jeremy Hunt to scrap a planned corporate tax increase, policy chief Tim Sarson said there is “a general sense that the UK isn’t quite what it used to be”.
Uncompetitive: US companies reject Britain because of its high tax burden and lack of economic ambition
He said US giants are “making loud noises about the British regime’s lack of competitiveness,” with dozens deciding not to invest in the UK last year.
Sarson told The Telegraph: “We’re not really seen as a basket case, but people often joke on conference calls, ‘What the hell are you guys doing?’
He said the “signal” of the corporate tax increase – which will rise from 19 percent to 25 percent next month – scared investors off.
The chancellor has faced pressure from Tory MPs and industry leaders to call off the increase, which they say will drive investment away and stifle economic growth.