Britain's low rate of corporation tax could see over forty multinational companies seeking to relocate their headquarters to the UK.<br />
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Dozens of companies from the United States, Switzerland, Ireland, and the Netherlands are planning on setting up base in the UK in the coming year. The lower taxes may also attract foreign businesses away from both Asia and North America.<br />
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The businesses stand to bring in an additional £1 billion to the UK economy as well as more than 2,000 senior management jobs. The stimulation of the economy through inward investment and the potential job opportunities it provides are a prominent part of Chancellor George Osborne’s growth strategy, which focuses on low rates of corporation tax at its centre.<br />
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The news comes just prior to this week’s Global Investment Conference (GIC) that takes place in London this Thursday. Now an annual event, the conference is held at a central London hotel, before the critical G7 finance ministers’ and central bank governors’ meeting on Friday and Saturday in Northern Ireland. <br />
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The day-long session will promote the idea that the UK is one of the most business-friendly places in the world. It's a view that is echoed throughout Whitehall, with the government's trade and investment minister, Lord Green keen to highlight the coalition's commitment to attracting more investment to British shores: <br />
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"Over the coming years, we aim to attract hundreds of billions of pounds in infrastructure investment, delivering major projects in partnership with companies and investors within the UK and overseas," explains Trade and Investment Minister, Lord Green.<br />
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Last year’s GIC event was held shortly before the Olympic Games and was considered a great success.<br />