Taskforce: Corporation tax cut would boost economy by 3% Cutting corporation tax would deliver a long-term boost to the UK economy worth 3% of GDP, according to a taskforce set up by former Prime Minister Liz Truss. A Growth Commission report aimed at providing an alternative prospectus to the Chancellor's Autumn Statement proposes that the increase in corporation tax from 19% to 25% should be reversed, adding that the levy should eventually be reduced to 15%. According to the modelling, such a package would result in a 0.1% uplift to GDP in 2026/27, a 0.4% increase by 2027/28 and a 3% increase by 2043/44. Shanker Singham, co-chairman of the commission, said: "We are stuck with low growth if we aren't ambitious about what can make a difference to our country's growth prospects in the long-term. The Government needs to break out of the relentless cycle of high tax and spend."