IEA Communications Officer Harrison Griffiths has written in City AM discussing Jeremy Hunt’s recent comments emphasising the economic success of low-tax economies.

Harrison wrote:

“According to the 2023 International Tax Competitiveness Index 2023, the UK’s tax system is undermining its ability to compete with other nations and attract investment. Compared to the 2022 study, the UK fell three places to 30th, behind countries like Costa Rica, Greece, and Ireland. We would have fallen much further if not for our extensive network of international tax treaties.

“By raising the headline rate of Corporation Tax last year, the Chancellor hiked one of the most damaging taxes, which also happens to be very inefficient in raising revenue. Empirical research has consistently found that the tax has a negative impact on growth, investment and entrepreneurship.

“The final stage of grief is acceptance. Perhaps Jeremy Hunt’s comments at Davos will be a turning point after a lost decade-and-a-half of British economic growth.”

Read Harrison’s full piece here.