Successive UK governments have been driving down corporation tax, Alistair Darling started the trend by reducing the rate by 2%, to 28%, in 2008 and George Osborne was a keen advocate of lower corporation tax during his tenure. Since when the rate has been progressively cut to 19%. This has been sold to the electorate as showing the world that the "UK is open for business".

Interestingly, corporation tax revenues have surged to all time records and while it might be tempting to suggest this is something to do with the voodoo economics behind the Laffer Curve, there are probably more important factors at work. Corporate profitability is currently high with the tax take swelled by the Brexit induced fall in corporate investment and foreign income increasing in value.