We should not concede our 12.5% advantage

ONE of the threats emerging from Brussels concerning any renegotiation of the EU/IMF deal is that the abolition of the 12.5% corporation tax will have to be part of any new package.

But fear of having to sacrifice our attractive corporation tax rate should not stop any new administration from attempting to negotiate a longer and more realistic timeframe.

It’s accepted by most outside observers that the current timeframe will have to be stretched, otherwise the pressure on us will be too great to withstand and the next chapter in this inglorious phase of our economic history will be a default.