The Chancellor Rishi Sunak has been warned by business leaders that any attempt to raise Corporation Tax in the upcoming Budget could spell disaster for investment in the UK economy.

Julian Jessop, a fellow at the Institute of Economic Affairs, said he “despaired” at talk of tax rises against a backdrop of Brexit disruption. He warned: “Now is not the time to raise any sort of tax” adding that on top of disruption at the borders, Corporation Tax rises “might tip the balance for companies who might choose to relocate overseas”.

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