Rishi Sunak says the UK has the ‘fastest investment growth anywhere in the G7’
Rishi Sunak insisted Britain has “three big competitive advantages” to make it the “best place in the world to invest and to do business”.
In a speech to top chief executives at the Global Investment Summit at Hampton Court, the Prime Minister highlighted the UK’s “low-tax approach”, innovative culture and people.
He said: “When I say that this country can be the best place in the world to invest and to do business you should believe me because of three big competitive advantages that we have.
“Our low tax approach, our culture of innovation, and our people.”
He added: “Firstly tax, the purest expression of this Government’s economic philosophy is that people and businesses make far better decisions about their own money than any government could.
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“And I believe that allowing you to keep more of the return on your capital, our country becomes more competitive as a place to invest, grow and create jobs.
“And make no mistake, we are cutting taxes.
“Not only do we have the lowest corporation tax rate in the G7, last week, we announced that we would make full expensing permanent.
“That means you can write off the cost of many capital investments in full.
“It makes our capital allowances regime one of the most generous in the world and it was the biggest business tax cut in modern British history.
“And that’s not all. We’ve got lower capital gains tax rates than France, Germany, Italy and Japan. Some of the most generous tax reliefs on stock options anywhere in the world.
“And we’re cutting personal taxes for 27 million working people too.”
Mr Sunak also hailed the UK’s “incredible culture of innovation”, saying it is the “golden thread running through the British economy”.
He said: “We’re also creating new ideas and turning those ideas into the most exciting companies of the future.”
The PM added that “the greatest asset to any economy is its people”.
He insisted the UK is open to foreign business talent despite Tory pressure to cut record levels of net migration.
Mr Sunak said: “We don’t have the monopoly on talent in this country and we recognise that nearly half of our most innovative companies have an immigrant founder.
“So if you are an innovator, an entrepreneur, a researcher, you should know that the most competitive visa regime for highly skilled international talent is right here in the UK.”
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