Today, the Liberal Democrats have passed a motion which ends illegitimate corporate profit-shifting and calls for more investment in British business.
The motion calls for action to ensure that international businesses operating in the UK pay their fair share of tax. The motion also reaffirms the Liberal Democrats’ commitment to reversing the Conservatives’ unfair and unnecessary cut of corporation tax to 17%.
Speaking after the debate, Liberal Democrat Shadow Chancellor, Ed Davey said:
“Britain has some great businesses, that deserve extra support for their crucial investment decisions. With just the threat of Brexit already causing a collapse in investment, Liberal Democrats want to help companies across our economy with our business tax plans.
“To afford backing responsible firms, it’s also right that we ensure multinationals dodging their fair share of tax no longer get away with it. Currently, large multinationals too often artificially shift profits overseas to play the tax system, whilst avoiding any penalties.
“Instead of tackling this abuse head on, the Conservatives have lowered corporation tax way below what’s needed for competitiveness, whilst failing to tackle Britain’s most unfair business tax, business rates.
“Liberal Democrats demand better for business. Britain’s responsible businesses are looking for a party that champions markets, free trade and competition, and understands the real problems with business taxes. Liberal Democrats do – and that’s why we are the natural party for business.”