In a report published by the Free Enterprise Group of Conservative MPs, UK corporation tax should be dropped to 10% to raise business competitiveness.

The group of 40 senior Conservatives recommends a simplified tax system in which foreign companies are required to contribute the same amount as UK businesses, making up the lost revenue from the reduced rate.

According to the report, tax avoidance such as the recent headline grabbing cases of Amazon, Starbucks and Apple would be dramatically reduced. ‘Such a change would be radical yet it would make the UK one of the lowest tax jurisdictions in the world with a loophole free system fit for the internet age.’

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