Wed. Nov 25th, 2020

General election: Johnson says Tories will cancel planned corporation tax cut to free up £6bn for NHS – live news

PM to unveil business tax cuts and Labour to expand on immigration plans. Follow the latest developments, live

12.57pm GMT

John McDonnell, the shadow chancellor, has put out a statement saying Boris Johnson’s decision to abandon the corporation tax cut planned for next year will not repair the damage caused by Tory tax cuts. He said:

Johnson has announced a temporary pause in the Tories’ race to the bottom on corporation tax

It cannot compensate for the lives that have been lost and will not repair the damage done to our communities to pay for the Conservatives’ handouts to big business since 2010.

12.44pm GMT

This is from Nick Macpherson, a former permanent secretary at the Treasury, on Boris Johnson’s corporation tax announcement – an effective tax rise.

The tax increase announced by the PM this morning confirms that, if reelected, the next Tory government will be collecting more of the nation’s income in tax than any previous Tory government. #taxmanmrjohnson

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