SocGen's Edwards calls for corporation tax hike

Perma-bear Albert Edwards has called for UK corporation tax to be raised so the surpluses companies are sitting on can be used to boost the global economy, branding plans for tax cuts "stupid".

This week President Barack Obama offered to cut US corporation tax from 35% to 28% to eliminate tax code loop holes and free up cash for companies to spend on recruitment. Meanwhile Tory MP Liam Fox called for company tax cuts in next month's Budget to boost economic growth. However, Edwards, global strategist at Société Générale, said taxes should be pushed higher as firms are not spending the surpluses they are already sitting on. "Why do I regard the idea of cutting UK company taxes as laughably stupid at this time? It is simply the fact that UK corporations, like their US count...