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Rishi Sunak vowed “make no mistake, we are cutting taxes” as he wooed global investors at a major summit on Monday.<\/p>\n
The Prime Minister made the pledge in his “sales pitch for Britain” at the Global Investment Summit at Hampton Court Palace.<\/p>\n
Mr Sunak was addressing around 200 chief executives at the event aimed at attracting funding to the UK.<\/p>\n
He said: “When I say that this country can be the best place in the world to invest in to do business you should believe me because of three big competitive advantages that we have.<\/p>\n
“Our low tax approach, our culture of innovation, and our people.”<\/p>\n
Mr Sunak underlined measures in last week’s autumn statement in his upbeat speech in the grand surroundings of Henry VIII’s former palace.<\/p>\n
He said: “The purest expression of this Government’s economic philosophy is that people and businesses make far better decisions about their own money than any government could.<\/p>\n
Don’t miss… <\/strong> Stopping small boats only happens if ministers do ‘whatever it takes’<\/strong><\/p>\n “And I believe that allowing you to keep more of the return on your capital, our country becomes more competitive as a place to invest, grow and create jobs.<\/p>\n “And make no mistake, we are cutting taxes. Not only do we have the lowest corporation tax rate in the G7.<\/p>\n “Last week, we announced that we would make full expensing permanent. That means you can write off the cost of many capital investments in full.<\/p>\n “It makes our capital allowances regime one of the most generous in the world and it was the biggest business tax cut in modern Britain.<\/p>\n “And that\u2019s not all. We\u2019ve got lower capital gains tax rates than France, Germany, Italy, and Japan.<\/p>\n “Some of the most generous tax reliefs on stock options anywhere in the world. And we\u2019re cutting personal taxes for 27 million working people too.”<\/p>\n But Mr Sunak said tax cuts are “not enough on their own to make this country the best investment destination in the world”.<\/p>\n He also said the UK’s “incredible culture of innovation” was key, adding that it is the “golden thread running through the British economy”.<\/p>\n And he said the “greatest asset to any economy is its people”.<\/p>\n Mr Sunak made clear the UK is open to foreign business talent despite a Tory backlash over record net migration figures.<\/p>\n He said: “We don’t have the monopoly on talent in this country and we recognise that nearly half of our most innovative companies have an immigrant founder.<\/p>\n “So if you are an innovator, an entrepreneur, a researcher, you should know that the most competitive visa regime for highly skilled international talent is right here in the UK.”<\/p>\n He pointed to the high potential individual visa which allows someone who has graduated from a top 50 global university to come to Britain for two years to explore, work, study or invest.<\/p>\n Mr Sunak added: “Nothing like that exists anywhere else in the world.”<\/p>\n He said: “That\u2019s why you should believe me when I say this is the best country in the world to invest and do business.<\/p>\n “Because of that unique combination of a competitive tax system, our culture of innovation and our people.”<\/p>\n\n