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Thursday
Aug192010

Better Prospects for the West Midlands Due to Lower Corporation Tax Rates, According to PM

I was interested to hear what Prime Minister David Cameron had to say about the economy on a recent visit to BBC Birmingham.  He was on the receiving end of some questions concerning the recovery in the West Midlands area after the recent recession, and Corporation Tax was one of the key points he was keen to make.

He said that reducing the rate of Corporation Tax would lead to many more businesses moving into the area, because it would become more desirable for them to do so.  He was keenly aware that the West Midlands had suffered considerably during the downturn.  This area is one of the key places in the UK for car manufacturing, and two firms in this particular industry have gone under in recent years.

Mr Cameron also commented on the national deficit, which has become a main backbone of the coalition government’s drive to get the country back on its feet.  He stated that finding ways of reducing this deficit was one of the most important things to focus on.  The cut in Corporation Tax has been received well by many companies.  Mr Cameron’s comments pointed to the fact that the economy in the country as a whole should receive a welcome boost because of the lowering of Corporation Tax.

I will certainly be fascinated to keep watching the situation to see whether his comments turn out to be correct.  Hopefully as businesses start to recover they will indeed move to areas including the West Midlands.

If you run your own business and you want to find out more about Corporation Tax or any other aspects of tax liabilities, you can contact us at St Matthew now.

 



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