EU says British tax-cut plan not a good idea

Britain voted to leave the European Union after a nationwide referendumThe European Union’s top economic official on Tuesday criticised a British proposal to slash corporate tax to less than 15 percent following the nation’s vote to quit the bloc. Britain’s finance minister George Osborne said at the weekend he would seek to reduce corporation tax to under 15 percent over fears of a corporate exodus following the June 23 referendum to leave the EU. The bloc gave a frosty reception to the plan, however, saying it would raise the threat of a competitive series of corporate tax cuts as countries try to lure firms to their shores.

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