Philip Hammond would be very wise to abandon Osborne’s folly

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The FT says in an editorial this morning that:

Of the many ideas floated as ways to secure Britain’s prosperity outside the EU, one of the least convincing was that it should join a race to the bottom as a low-tax jurisdiction. George Osborne’s proposal to slash the rate of corporation tax in order to prove that Britain remained “open for business” would have been a huge own goal.

Their case is simple: they want further corporation tax cuts ti be abandoned as they make no economic or political sense.

They are right.

Philip Hammond would be very wise to abandon Osborne's folly, of which this is but one.