Liz Truss warned corporation tax cuts have not fuelled investment

Race to the bottom' on tax on company profits has failed to boost economic growth, says IPPR

Business investment in the UK fell to the lowest rate in the G7 group of wealthy nations despite corporation tax cuts, the government has been warned, as ministers prepare 30bn of giveaways targeted at companies and higher-income workers.

The Institute for Public Policy Research (IPPR) said a race to the bottom" on the headline tax rate on company profits had failed to boost investment and economic growth in Britain over the past 15 years.