Taxes on Big UK Firms Rose 10% Before Labour Budget, PwC Says

Taxes on Britain’s biggest businesses jumped sharply even before Chancellor of the Exchequer Rachel Reeves increased their burden in last month’s budget.

Auditing firm PwC said Wednesday that a group of the largest companies paid £31.8 billion ($39.9 billion) in direct taxes in the 2023/24 fiscal period, up more than 10% on the previous year. The increase was largely due to the last Conservative government reversing cuts the party has previously made to the rate of corporation tax.

Labour Chancellor Reeves has promised to leave corporation tax unchanged. However, she disappointed many business chiefs by raising employers’ national insurance contributions ...