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General election: Johnson says Tories will cancel planned corporation tax cut to free up £6bn for NHS – live news General election: CBI chief claims 'extreme' views on right and left harming economy – live news
(32 minutes later)
PM to unveil business tax cuts and Labour to expand on immigration plans. Follow the latest developments, livePM to unveil business tax cuts and Labour to expand on immigration plans. Follow the latest developments, live
Nigel Farage, the Brexit party leader, claims small businesses would benefit from a “clean break” Brexit.
Jo Swinson is to present the Liberal Democrats as “the natural party of business” when she speaks to the CBI conference this afternoon, primarily as the party wants to prevent Brexit.
Swinson, with an ever-growing entourage of reporters and TV crews in tow, took one of the Lib Dem battlebuses to Kings Langley, just north of London, to visit Imagination Technologies, a sizeable UK firm which specialises in graphics processing and other computing functions, though from the marketing and intellectual property side, rather than manufacturing.
This was explained at some length to Swinson as she toured a big room in the firm’s HQ lined with various laptops, phones and tablets using the company’s products. At one point she was shown a device designed to answer voice questions, which happily provided details about Imagination Technologies. “Which UK party wants to stop Brexit?” Swinson asked it, getting a long, slightly awkward silence in response.
Speaking to reporters at the visit, Swinson said she would have some “some very specific” policies to announce at the CBI, but provided a message that was, as is much the party does in this election, centred around Brexit:
Earlier, in her speech to the CBI conference, Dame Carolyn Fairbairn, its director general, said that extremists on the right and the left in politics were causing “great harm to the economy”. (See 10.17am.) She was referring to Tory Brexiters who favour a no-deal Brexit, and Labour Corbynites who pushing a nationalisation agenda. Here are the full quotes from her speech.
The Overseas Development Institute is holding what it says may be the only general election hustings devoted to the topic of overseas aid. It is just starting now, and there is a live feed here. Those taking part include Ray Collins, the former Labour general secretary, Lady Sheehan from the Lib Dems, Natalie Bennett from the Greens and Elizabeth Babade from the Brexit party.The Overseas Development Institute is holding what it says may be the only general election hustings devoted to the topic of overseas aid. It is just starting now, and there is a live feed here. Those taking part include Ray Collins, the former Labour general secretary, Lady Sheehan from the Lib Dems, Natalie Bennett from the Greens and Elizabeth Babade from the Brexit party.
Tory sources are saying that the £6bn figure for the amount saved by not going ahead with next year’s corporation tax is an annual figure, not a cumulative, five-year figures. (See 12.44pm.)Tory sources are saying that the £6bn figure for the amount saved by not going ahead with next year’s corporation tax is an annual figure, not a cumulative, five-year figures. (See 12.44pm.)
More on how much the government will save by abandoning the corporation tax cut from 19% to 17% due to come into force next year.More on how much the government will save by abandoning the corporation tax cut from 19% to 17% due to come into force next year.
In 2016 the Treasury said this tax cut was worth just £945m a year. (See 12.44pm.) Earlier this year my colleague Richard Partington said that this cut was expected to cost the Treasury much more than originally assumed. “An analysis based on HMRC data suggests that the loss of revenue from the planned cuts, initiated by former chancellor George Osborne but supported by incumbent Philip Hammond, could add up to more than £6bn,” his report said.In 2016 the Treasury said this tax cut was worth just £945m a year. (See 12.44pm.) Earlier this year my colleague Richard Partington said that this cut was expected to cost the Treasury much more than originally assumed. “An analysis based on HMRC data suggests that the loss of revenue from the planned cuts, initiated by former chancellor George Osborne but supported by incumbent Philip Hammond, could add up to more than £6bn,” his report said.
And, according to Newsnight’s Ben Chu, in 2017 the Institute for Fiscal Studies said that by 2022 this tax cut would cost almost £7bn.And, according to Newsnight’s Ben Chu, in 2017 the Institute for Fiscal Studies said that by 2022 this tax cut would cost almost £7bn.
These are from Newsnight’s economics editor, Ben Chu.These are from Newsnight’s economics editor, Ben Chu.
John McDonnell, the shadow chancellor, has put out a statement saying Boris Johnson’s decision to abandon the corporation tax cut planned for next year will not repair the damage caused by Tory tax cuts. He said:John McDonnell, the shadow chancellor, has put out a statement saying Boris Johnson’s decision to abandon the corporation tax cut planned for next year will not repair the damage caused by Tory tax cuts. He said:
Labour is committed to gradually raising corporation tax to 26%, which would still be lower than the 28% level it was at when Labour left office in 2010.Labour is committed to gradually raising corporation tax to 26%, which would still be lower than the 28% level it was at when Labour left office in 2010.
This is from Nick Macpherson, a former permanent secretary at the Treasury, on Boris Johnson’s corporation tax announcement - an effective tax rise.This is from Nick Macpherson, a former permanent secretary at the Treasury, on Boris Johnson’s corporation tax announcement - an effective tax rise.
The main rate of corporation tax is 19%, but it was due to fall to 17% in April next year.The main rate of corporation tax is 19%, but it was due to fall to 17% in April next year.
At the time this cut was announced, by George Osborne in the March 2016 budget, the Treasury said this would cost £945m in 2020-21.At the time this cut was announced, by George Osborne in the March 2016 budget, the Treasury said this would cost £945m in 2020-21.
It is not clear yet why Johnson is saying this would raise £6bn for the NHS. He may be using a cumulative, five-year figure - in which case what he has announced today is a long way off matching the Labour plans, which Labour itself says would lead to health spending being £6bn a year higher in real terms than under current government plans. (See 11.26am.)It is not clear yet why Johnson is saying this would raise £6bn for the NHS. He may be using a cumulative, five-year figure - in which case what he has announced today is a long way off matching the Labour plans, which Labour itself says would lead to health spending being £6bn a year higher in real terms than under current government plans. (See 11.26am.)
UPDATE: I’m still waiting for clarification from CCHQ, but there have been reports saying that the corporation tax cut was going to cost far more than assumed in 2016, and that £6bn a year is a fair figure. (See 1.13pm.)UPDATE: I’m still waiting for clarification from CCHQ, but there have been reports saying that the corporation tax cut was going to cost far more than assumed in 2016, and that £6bn a year is a fair figure. (See 1.13pm.)
FURTHER UPDATE: The £6bn figure is an annual figure, the Tories say. (See 1.26pm.)FURTHER UPDATE: The £6bn figure is an annual figure, the Tories say. (See 1.26pm.)
Extinction Rebellion protesters have been at Labour HQ this morning as part of their campaign for parties to commit to much tougher action to deal with the climate crisis, including reducing carbon emissions to net zero by 2025. The group says it is going to target all the UK political parties.Extinction Rebellion protesters have been at Labour HQ this morning as part of their campaign for parties to commit to much tougher action to deal with the climate crisis, including reducing carbon emissions to net zero by 2025. The group says it is going to target all the UK political parties.
And here is the CBI response to Jeremy Corbyn’s speech. This is from Carolyn Fairbairn, the CBI director general.And here is the CBI response to Jeremy Corbyn’s speech. This is from Carolyn Fairbairn, the CBI director general.
Here is the CBI reaction to Boris Johnson’s speech. This is from Carolyn Fairbairn, the CBI director general.
Corbyn is taking three more questions. These are from members of the CBI audience, not journalists.
Q: What is your attitude towards the sharing economy?
Corbyn says he approves of sharing, not wasting.
Q: What are you going to do to disprove claims that Labour is “for the many, not the Jew”, and to show that you care about antisemitism and racism?
Corbyn says racism is a scourge and an evil for all of us. Whether it is antisemitism, Islamophobia, or any other form of racism, it is evil. He says it has no place in a civilised society. Labour will continue to fund protection for synagogues and other places of worship, and it will continue to fund anti-racist education in schools.
He says Labour will audit the way the public sector recruits to promote diversity.
He says he was brought up to hate racism. He has opposed it all his life. He says he will carry that attitude into Downing Street.
Q: You have not mentioned industrial strategy. Are you going to follow the current government’s strategy?
Corbyn says Labour will increase corporation tax, but not beyond 2010 levels.
Poverty is a terrible waste, he says. Children growing up in poverty can find it hard to learn if they do not have space to do their homework.
Q: How will a four-day week help productivity?
Corbyn says this will be funded and paid for by productivity increases. He says over many years working times have come down as a result of productivity increases.
He ends by saying he thinks everyone would support a fairer and more egalitarian society.
And that’s it. The Q&A is over.
Corbyn is now taking questions.
Q: Do you accept your surprise announcement to nationalise BT Openreach worried business?
Corbyn says every business has been arguing for years they need better broadband. In many rural areas it hardly exists. So getting businesses to move there is unrealistic.
He says the government did not allocate enough money for this. And private firms were taking too long. This has led to some groups having to organise their own provision.
Corbyn says Labour’s proposals is a fair and good one. You accept the case for universal provision of energy services, and mail services. These days universal provision of broadband is essential.
Q: Can you name a FTSE 100 company you admire?
Corbyn says most companies have social impact funds. And most of them give to social enterprises. His concern is about the behaviour of some oil and mineral companies.
He says he is not anti these companies. But where social or environmental damage has been causes, firms have an obligation to behave differently.
Q: Would you nationalise bus services outside London?
Corbyn says bus services outside London were deregulated. He says mayors like Andy Burnham in Greater Manchester want to be able to run regulated bus services. Some can do this, and some can’t. Labour would extend these powers, so they can run these services. And it would legislate for integrated transport systems.
Q: Isn’t it clear that your Brexit policy won’t sort out Brexit quickly?
Corbyn says his party represents people who voted leave and remain. There has been a huge demand for a second referendum. Labour’s approach is sensible and credible, he says.
He says he wants to bring uncertainty to an end.
Corbyn tells his audience that there are many things they agree on.
Corbyn says Labour’s plans mean tackling inequality and addressing the climate crisis can go hand in hand.
Corbyn is now giving details of Labour’s proposed 320,000 new climate apprenticeships.
Corbyn claims the PM wants to hand over parts of the NHS to American companies under a trade deal with the US. He claims that this could lead to £500m a week handed over to US drug companies. Labour would legislate to stop this, he says.
(The £500m per week figure is not particularly plausible, because it is an extreme, worst-case scenario. This Channel 4 News FactCheck explains why.)
Corbyn says Labour supports the proposals in the CBI’s own manifesto for the election.
Contrary to what some people claim, Labour does not think the state can address all the problems facing the country without help from business, he says.
Corbyn says Labour will ask big businesses to pay their fair share of tax.
And some services will be brought back into public ownership.
But this is normal in many parts of Europe, he says.
Jeremy Corbyn is addressing the CBI now.
He starts by saying that, if Labour is elected, the CBI will see more infrastructure being built than it has ever dreamt of.
And he says small businesses will benefit from Labour plans to ensure that suppliers have their invoices paid on time.