Rishi Sunak is reportedly considering raising Corporation Tax in the upcoming March Budget in a bid to pay off some of the UK government’s Covid spending bill. The Office for Budget Responsibility is predicting a £394bn Budget deficit this fiscal year, which will be seven-times larger than the 2019-20 deficit.

Quoted by City AM, IEA Director General Mark Littlewood said the proposed tax hike would be “illogical and counterproductive”.

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