The Liberal Democrats have accused the Government of planning to give big banks an effective tax cut of more than £6 billion over two years, as Liz Truss plans to axe the proposed increase in corporation tax.
The pledge to change course on the planned rise in corporation tax was a centrepiece of Ms Truss’s campaign to become Conservative leader, with the change expected to form part of the Chancellor Kwasi Kwarteng’s mini-budget on Friday.
