Philip Hammond was told to scrap further cuts in corporation tax and instead divert the money into infrastructure projects MATT DUNHAM/AFP/GETTY IMAGESThe chancellor has been urged by the Organisation for Economic Co-operation and Development (OECD) to scrap further cuts in corporation tax and instead divert the money into infrastructure projects and training programmes to tackle the UK’s chronic productivity problem. The Paris-based think tank said that the £4 billion cost of plans to reduce corporation tax from 19 per cent to 17 per cent by 2020 would be better directed elsewhere. The proposal was part of a package of policy suggestions that included reprising the increase in national insurance on the self-employed that was abandoned after the March budget and ditching the triple lock on pensions. Treasury sources said that there was no plan to adopt any of the recommendations in the November budget. The OECD’s…

Source: The Times October 17, 2017 23:02 UTC