The Treasury has announced that the planned changes in the taxation of foreign profits have been postponed.
This was inevitable, and the only appropriate way of proceeding at present.
Now, what is the consultation committee on the future of corporation tax set up in response to the supposed crisis that these proposals precipitated going to do?
Is it time to postpone the activity of that review as well, and instead start a more informed, more representative process to consider this issue in a broader context, taking into account not just the opinion of big business, that will dominate this review, but small business as well, plus the professions and civil society? That would be a much better use of time and energy.