Cut corporation tax, demands UK fund manager Blue Whale

A top UK fund manager backed by financial veteran Peter Hargreaves has called on the Government to cut corporation tax to 15 per cent, saying Britain should be ‘at least on par’ with the Republic of Ireland to remain competitive.

Stephen Yiu, manager of the Blue Whale Growth Fund, which controls assets worth £915 million, said companies needed ‘extra incentive’ to invest in the UK and that the 25 per cent corporate tax rate was putting it at a disadvantage compared to European neighbours.

‘Brexit should have given us a lot of freedom to do what we couldn’t do before,’ Yiu said.

Disadvantage: Stephen Yiu said companies needed ‘extra incentive’ to invest in the UK

Lowering corporate taxes to an effective 15 per cent, similar to rates in the Republic of Ireland, would be an ‘inspiration,’ the fund manager said. 

The move would also make Britain ‘extremely competitive relative to other Western countries like France, Germany or even the US’ where tax rates are higher.

‘That is a good way to attract companies to the UK,’ Yiu said.