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UK to have G20's lowest corporate tax rate after Brexit: PM May

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
British Prime Minister Theresa May arrives at the United Nations in New York on September 25, 2018. (AFP photo)

British Prime Minister Theresa May has vowed that her country would offer the lowest rate of corporate tax among the Group of 20 major economies after it leaves the European Union.

May, speaking Wednesday in an economic forum in New York on the sidelines of the annual UN General Assembly, said that businesses should “look forward to the post-Brexit world with confidence”.

The British premier is in the midst of some tough negotiations with the EU on reaching a deal that could guarantee a smooth withdrawal of Britain from the EU in March next year.

In a bid to avoid mass departures of multi-national businesses and industries from Britain, May’s government has offered them incentives, including lower tax rates.

“Whatever your business, investing in post-Brexit Britain will give you the lowest rate of corporation tax in the G20,” she said, adding, “A post-Brexit Britain will be an unequivocally pro-business Britain.”

Leader of the opposition Labour Party Jeremy Corbyn blasted May’s vows for reduced corporate tax after Brexit, saying it was a failed policy by the ruling Conservative Party that had already shown its weaknesses.

“The Tories are well aware of this but some see Brexit as their opportunity to impose a free market shock doctrine in Britain,” Corbyn said during an annual Labour conference in Liverpool on Wednesday.

He said the reduced tax for major businesses would be “handouts to the few, paid for by the many and an already tried-and-failed strategy for boosting investment”.

May said on Wednesday that she was sure a deal with the EU could be clinched in the coming weeks despite the criticism shown toward her proposals for one such deal by in an EU summit in Austria last week.

EU leaders said during their recent meeting in Salzburg that May should reconsider her plans for trade and who the border between Northern Ireland and the Irish Republic will be managed after Brexit.

However, May insisted her plan for Brexit was still the sole solution for fulfilling the aspirations of the British people who voted for their country to leave the EU in 2016.

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