September 23, 2013 / 9:04 PM / 6 years ago

Labour says to scrap planned corporation tax cut

Leader of the Britain's opposition Labour Party Ed Miliband listens to speeches during the party's annual conference in Brighton Southern England September 23, 2013. REUTERS/Luke MacGregor

BRIGHTON, England (Reuters) - Labour Party will scrap the government’s plans for a cut in corporation tax in 2015 if Ed Miliband wins the next election, according to extracts of a speech the Labour leader is due to give on Tuesday.

“One of the first acts of a new Labour government will be to use all the money that (Prime Minister) David Cameron wants to spend helping 80,000 big businesses to cut business rates for 1.5 million shops, pubs, workshops and hi-tech firms,” Miliband will tell activists in the southern English resort of Brighton.

According to extracts of his speech, Miliband will say that if Labour wins the May 2015 election they would cancel plans to cut corporation tax to 20 percent from 21 percent.

That would fund the reversal of a scheduled rise in the rates businesses have to pay on commercial properties, Miliband will say.

Reporting by Peter Griffiths, Writing by William James, Editing by Guy Faulconbridge

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