Liz Truss’s bid to “go for growth” by slashing taxes on big business profits has failed in the past and will fail again, a leading think tank is warning.
The plan to scrap a hike in corporation tax ignores the harsh lessons of recent history – when investment stagnated despite ultra-low rates – and is not even favoured by business leaders, the Institute for Public Policy Research (IPPR) is arguing.
Instead, it calls for a strategy stretching beyond tax to boost investment and productivity by tackling chronic problems in housing, energy, transport, skills and childcare.
