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ABI responds to Ed Milibands proposal to increase corporation tax

Labour leader Ed Miliband today announced plans to increase corporation tax for large businesses in the UK, should Labour win the next general election in 2015.

In his speech at the party's conference, Miliband said:

"If the next Labour government takes power in 2015, we would use the money that this government used to cut taxes for large businesses to cut business rates for 1.5m businesses across our country. That’s the way we win the race to the top.” 

Commenting on the proposals, Otto Thoresen, Director General, Association of British Insurers, said:

"The UK needs competitive rates of corporation tax to attract and retain business. This shouldn't be treated as a trade-off between large and small businesses.

"All businesses need support to help drive the economy back to growth."

Last updated 01/07/2016