UK’s Hammond: UK will not cut taxes below European average after Brexit

Reuters reported comments from the UK Finance Minister Phillip Hammond, responding to the question whether Britain would play the low-tax card to remain economically attractive after Brexit, in an interview with French newspaper Le Monde published over the weekend.

Key Quotes:

"It is often said that London would consider launching into unfair competition in terms of fiscal regulation. That is not our project or our vision for the future."

"The amount of tax that we raise, measured as a percentage of GDP, is within the European average and I think we will remain at that level. Even after we have left the EU, the United Kingdom will keep a social, economic and cultural model that will be recognizably European."