British Finance Minister George Osborne has a plan for jumpstarting his nation’s economy: cut taxes so that companies will want to invest in the United Kingdom rather than the United States.
“By 2014, Britain will have a 22 percent rate of corporation tax,” Osborne told Parliament yesterday, touting the target tax rate as “a headline rate that is not just lower than our competitors, but dramatically lower: 18 percent lower than the US; 16 percent lower than Japan; 12 percent below France and eight percent below Germany.”
Osborne characterized the tax cut as “an advertisement for investment and jobs in Britain,” that presumably would come at the expense of the United States and those competitor nations.
