Labour indicates it would back gradual rise in corporation tax

Shadow chancellor says party would not back immediate hike in taxes on company profits, but does not rule out future increases

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Labour would back a gradual increase in corporation tax across this parliament, the shadow chancellor has indicated after a week of criticism over the party's assertion that tax rises should be off the table.

Writing for the Guardian, Anneliese Dodds says Labour would not back an immediate hike in taxes on company profits in Wednesday's budget but was open-minded about future increases. Rishi Sunak, the chancellor, is believed to be preparing to increase corporation tax from 19% to up to 25% by the end of the parliament in 2024.