Boris Johnson plans to copy Donald Trump tax cut policy in hopes to boost UK businesses
BUSINESSES could get a boost from one of Donald Trump’s tax cuts.
Boris Johnson wants to copy the US president and allow British firms to offset new capital costs.
It would let them invest in new equipment or property far cheaper, helping growth.
In a phone hustings with Tory members, Mr Johnson said: “Look at what Trump is doing. They’ve got growth running at 3.6 per cent.
“He has been very clever in allowing businesses to offset capital investment in tax, with capital allowances.
“I think we should think about that sort of thing for start-ups, in addition to cutting corporation tax, which would also be effective.”
A campaign source said Mr Johnson’s team was looking at introducing the tax cut “across the board”.
It could significantly raise the threshold for the annual investment allowance, which was previously raised by Chancellor Philip Hammond from £200,000 to £1million.
BoJo is also said to be eyeing a Trump-style moratorium on all new regulations.
The rumour came as his camp denied reports that he wanted to slash the number of Cabinet posts by half.
A source said: “This is absolute nonsense.”
Work and Pensions Secretary Amber Rudd, whose department was said to be for the axe, also mocked the idea as “unworkable”.
- GOT a story? Ring The Sun on 0207 782 4104 or WHATSAPP on 07423720250 or email exclusive@the-sun.co.uk.