Rishi Sunak faces major Budget rebellion over tax hike

Rishi Sunak is facing a major Budget rebellion over his corporation tax hike, The Telegraph can reveal.

by | 19 Feb, 2023

Senior Conservative backbenchers, business chiefs and economists have urged the Prime Minister to “abandon” his flagship policy to raise the tax from 19 to 25 per cent.

A letter to Mr Sunak – which has been signed by the leaders of several influential groups of Tory MPs – urges him to “follow a growth agenda” and adopt a fresh approach that will encourage investment.

It is the first coordinated attack on Mr Sunak’s economic agenda from his own MPs since he entered Downing Street.

The intervention will heap pressure on the Prime Minister to reverse his plans for a six percentage point rise in corporation tax.

Signatories include Simon Clarke, chair of the Conservative Growth Group; Greg Smith, chair of Conservative Way Forward and the Free Market Forum; and Mark Francois, chair of the European Research Group.

It is also signed by Sir John Redwood, chair of the Thatcherite No Turning Back group; and Sir Jake Berry who founded the Northern Research Group.

Read more at Yahoo Finance

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