Hammond on post-Brexit tax haven Britain - Cable responds
Liberal Democrat leader Vince Cable has responded to Philip Hammond's claim that Britain will not become a post-Brexit tax-haven.
Vince Cable said:
“Philip Hammond’s assurances that Britain will not become a tax haven with low quality public services in a post-Brexit world are welcome, even if they do contradict an earlier threat he made on the subject.
“It is unclear whether these views are shared by cabinet colleagues such as Liam Fox and Boris Johnson, who are now more interested in firing salvos at each other than fighting for Britain’s interests in Brexit negotiations.
“But if we are not going down the low-tax route, the Chancellor needs to explain how the British economy will flourish if it is cut out of the single market and customs union when the economy will slow and tax revenues will be lower.
“Japan’s largest bank has reportedly decided to re-locate staff from London to Amsterdam, apparently because it can’t wait any longer for the British government to reach a deal on passporting rights.
“While the cabinet squabbles, businesses are starting to walk out of Britain.”