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British Prime Minister Theresa May on Monday announced plans to lower taxes for big business to ensure the U.K. remains attractive to European corporations post-Brexit. The move is part of a wider plan to soften Brexit’s expected negative effects on the U.K. economy.
Currently set at 20 percent, corporation tax is already set to drop to 17 percent by 2020. In Germany, the rate is closer to 30 percent.
“Britain is still a member of the European Union,” Wolfgang Schäuble said in response, stressing that the U.K. had pledged not to engage in unfair tax competition at the G20 meeting in Antalya in 2015, and that it would still be bound by that commitment, post-Brexit. [...]