A number of reports have indicated that the Chancellor wants to raise taxes in the upcoming Budget to deal with the mounting costs of Covid-19.

Among the suggestions rumoured is a rise in corporation tax from 19% to as high as 23%, which would raise almost £14bn a year for the Treasury, while only affecting those businesses who have received profits during the difficulties of the last year.

The Chancellor has disclosed that he thinks a corporation tax rate of up to 23% is reasonable given that the OECD’s average rate for developed nations is 23.5%.

The questions then for many businesses, who are still yet to recover from the impact of Covid-19, is whether a corporation tax rate rise is on the horizon?