Jeremy Hunt confirms corporation tax will rise to 25%
The increase in corporation tax from 19% to 25% in April has been confirmed in Jeremy Hunt’s Budget today.
The increase has sparked a debate about the pros and cons of increasing taxes for businesses and whether or not it’s good or bad for growth.
Some experts argue the scale of the increase is concerning because it reduces investment levels and therefore wages in the long run.
Following the confirmation that corporation tax will rise to 25%, founder and CEO of mycommunityfinance.co.uk, Tobias Gruber, said:
"At a time when start-ups have already been severely impacted by the pandemic, energy crisis, and high inflation, it’s not appropriate to increase corporation tax.
"Today’s confirmation to increase corporation tax is extremely unwelcome news and is likely to be devastating for companies that are already struggling."
About Tobias Gruber
Tobias Gruber is the founder and CEO of My Community Finance. For the past 30 years, he's been a prominent leader in investment banking and asset management for some of the sector's most renowned banks, including Credit Suisse, SwissBank, JP Morgan and Morgan Stanley.
Fast forward to 2018, Tobias launched My Community Finance to provide a platform for the financially excluded, helping people to get back on their feet with ethical and socially responsible lending. Within 36 months, My Community Finance has become accountable for 25% of borrowing within the credit union sector.
Tobias has experienced first-hand how certain areas of the finance world are ripe for change and is a passionate advocate for using fintech to help people and solve society's economic problems.
About My Community Finance
My Community Finance is on a mission to transform how its customers manage their money by giving them access to ethical alternatives through two of the U.K.'s biggest credit unions: My Community Bank and Castle Community Bank.
Credit unions give a lifeline to customers who struggle to access mainstream credit by introducing them to financial communities that don't prioritise profits and whose unique regulatory structure means they can offer fairer rates.
Based in London and launched in 2018, My Community Finance is fully authorised and regulated by the Financial Conduct Authority and is a trading name of Amplifi Capital (U.K.) Limited, which has offered ethical and responsible financial products to near-prime consumers since 2015.
