UK Will Not Become A ‘Tax Haven’ After Brexit: Hammond

The UK will not engage in aggressive tax competition to attract business post-Brexit, Chancellor Philip Hammond has said.

He added that the country’s economy will remain aligned with the European model after leaving the EU.

“It is often said that London would consider launching into unfair competition in terms of fiscal regulation. That is not our project or our vision for the future,” he said in interview with Le Monde.

Previously the Chancellor had suggested reducing corporate taxes in the UK if country was unable to secure a favorable trade agreement with the EU in ongoing Brexit negotiations.