UK not convinced by Biden plan for 21% global minimum tax rate

Chancellor seeks flexibility to lower rates again, while a Treasury official said rates alone will not resolve international tax issues 

The UK's finance minister Rishi Sunak and his team are concerned the coroporate tax rate championed by US president Joe Biden may be too high in the long term. 

British officials aren’t convinced by US president Joe Biden’s plan for a global minimum business tax rate of 21%, according to a person familiar with the matter.

UK Chancellor of the Exchequer Rishi Sunak and his team are concerned that the rate may be too high over the long term, even though the UK intends to raise corporation tax to 25% in 2023 to repair public finances after the pandemic.