John McDonnell MP, Labour’s Shadow Chancellor, responding to reports in the Sunday Times that the government is considering a 10 per cent cut to corporation tax as part of its Brexit negotiations, said:

“This is the last thing the Tories should be calling for after six years of failure to meet their own deficit targets and their under investment in our country, which has resulted in our economy being now so vulnerable to Brexit.

"The Chancellor should learn from the mistakes of his predecessor and not repeat them with more unfunded tax breaks as part of their shambolic Brexit plans.

"The cost of the Tory tax giveaways in the last parliament to big corporations has been paid for by huge cuts to our public services and benefits creating a crisis in care provision and for many the experience of an "I Daniel” society. At the same time there has been no positive effect on increasing business investment as corporations sit on billions of earned income.

“Labour wants our country to work with our European neighbours to clamp down on tax avoidance and not engage in a race to the bottom in corporation tax rates, in order that we can raise the revenues we need to rebuild and transform Britain so no one and no community is left behind.”