What did the new chancellor say about corporation tax as Truss makes u-turn?

Jeremy Hunt has been brought in as chancellor after the prime minister U-turned over her plan to cancel a planned increase to corporation tax (from 19% to 25%) and sacked the previous chancellor.

Jeremy Hunt, was one of the candidates to be the leader of the Conservative Party this summer. He was knocked out in the first round of voting on 13 July.

During his leadership campaign, he said he would cancel the planned rise in corporation tax, scheduled for April 2023 – a pledge Liz Truss also made.

But Hunt also said he would go further and cut the tax from 19% to 15% in the first budget if he became leader.

He told the Telegraph that it was justified to borrow more money now to deliver the business tax cuts that can kick-start growth.

And he told the BBC’s Sophie Raworth: “No Conservative should offer unfunded tax cuts and no Conservative should raise taxes either”. He also said, “If we’re going to increase corporation tax… then people won’t want to set up businesses.”

-BBC.