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China’s £61 Billion of Business Tax Cuts Put Sunak to Shame

China’s £61 Billion of Business Tax Cuts Put Sunak to Shame

China has announced it will cut business taxes by £61 billion over the next year to stimulate economic growth as it seeks to recover from the downturn caused by the pandemic. These plans are on top of cuts to VAT, pension insurance, and corporation tax implemented last year, which have now also been extended…

It should be a state of shame among Tories that the Chinese Communist Party now shows better understanding of pro-growth tax policies than the UK’s Conservative chancellor. China has reduced taxes and administrative fees by more than ¥2.6 trillion last year – a record high – coming after a ¥2.36 trillion tax slash in 2019. Of course, Rishi Sunak used to say the same thing. His budget corporation tax rises aren’t set to come in until 2023 – there’s still time to change course…

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