Ranil Jayawardena, who served as enviroment secretary under Liz Truss and formed the Conservative Growth Group with her, welcomed the "full capital expensing" policy.īut he added: "We should still seek to revisit corporation tax in the months and years ahead, because any increase in corporation tax will make us less competitive, reduce investment in the long run, stifle job creation. "The Chancellor can go further to promote our economic freedoms and competitiveness by scrapping the planned introduction of the global minimum corporate tax and halting the long-term rise in corporation tax."Īnother Tory backbencher who represents a Red wall seat said: "The corporation tax measures will help in my constituency but I'm afraid overall we need to see the detail of the Budget before I can be positive or negative about it." "The changes to capital allowances, the freeze in fuel duty and the abolition of the lifetime allowance will make a positive difference to the economy. "Lower taxes empower families and businesses and this Budget has many welcome measures. "Further reforms are needed to boost our competitiveness and the Government must scrap its plans to implement a global minimum corporate tax as that restrains our economic freedoms and look to bring down corporation tax rates in the future. "The measures announced to support investment and reforms to capital allowances are welcome and will stimulate the economy. She told .uk: "The economic freedoms that deliver growth, prosperity and jobs need to be built on the foundations of a low-tax economy.
But Ms Patel, who has been working with the grassroots Conservative Democratic Organisation critical of Rishi Sunak, said his measures need to go much further.
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