Labour indicates it would back gradual rise in corporation tax

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Shadow chancellor says party would not back immediate hike in taxes on company profits, but does not rule out future increases

Labour would back a gradual increase in corporation tax across this parliament, the shadow chancellor has indicated after a week of criticism over the party’s assertion that tax rises should be off the table.

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Writing for the Guardian, Anneliese Dodds says Labour would not back an immediate hike in taxes on company profits in Wednesday’s budget but was open-minded about future increases. Rishi Sunak, the chancellor, is believed to be preparing to increase corporation tax from 19% to up to 25% by the end of the parliament in 2024.

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