Desperate Rishi Sunak today urged foreign firms to pump cash into Britain.
The Prime Minister addressed captains of overseas industry at Hampton Court Palace, South West London, where he is hosting the Global Investment Summit 2023. He hopes to drum up tens of billions of pounds of investments from businesses based abroad in a bid to fire-up the UK’s economic growth.
Getting out the British begging bowl he told executives: “This is the best country in the world to invest and do business.” Mr Sunak was joined by a host of senior Cabinet members at the summit, including Chancellor Jeremy Hunt, Home Secretary James Cleverly and Business Secretary Kemi Badenoch.
The PM claimed the Government was slashing taxes - despite analysts warning the tax burden was still due to hit a post-war high, even after last week’s Autumn Statement. Corporation Tax is rising from 19% to 25% under changes announced by Mr Sunak when he was Chancellor.
But, speaking at Hampton Court today, the PM said: “When I say that this country can be the best place in the world to invest and do business, you should believe me.” He claimed the Tories had a “low tax approach”, saying: “The purest expression of this Government’s economic philosophy is that people and businesses make far better decisions about their own money than any government could.
“I believe that (by) allowing you to keep more of the return on your capital, our country becomes more competitive as a place to invest, grow and create jobs. And make no mistake - we are cutting taxes; not only do we have the lowest Corporation Tax rate in the G7, last week we announced that we would make full expensive permanent.”
The measure allows companies to “write off the cost of many capital investments in full,” said the Conservative leader.
Speaking at the Palace, which was built in the 16th Century and became home to Henry VIII, Mr Sunak insisted: “The UK is a modern, dynamic, thriving economy.” He added: “Where better to prove those futuristic credentials than a 500-year-old Palace?”