Foreign minister James Cleverly shied away from confirming or denying whether the government would retain its policy on low corporation tax on Thursday, saying only it was important to keep businesses competitive.
Prime Minister Liz Truss is under pressure to change tack on an economic package that has roiled markets, with some investors and her own lawmakers calling on her to reverse a plan for 43 billion pounds of unfunded tax cuts, including scrapping an increase in corporation tax from 19% to 25%.
Truss, the 47-year-old former foreign secretary, was elected last month by members of her party and not the broader electorate on a promise to snap the economy out of years of stagnation by cutting taxes and reforming areas such as planning, migration and employment. Mel Stride, chair of parliament's Treasury Select Committee and a backer of Truss's leadership rival Rishi Sunak, said on Wednesday more policy reversals might be needed after the government reversed its decision to scrap the top rate of income tax.
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