Boris Johnson's comments about corporation tax cuts being a good thing have come back to haunt him.
He stood before business chiefs today and told them it was "fiscally responsible" to cancel tax cuts for big businesses – so the money could be used to pay for the NHS.
But just months ago, when he was running in the Tory leadership contest, he passionately argued for the exact opposite position.
On July 5, 2019, he said: "Every time corporation tax has been cut in this country it has produced more revenue."
(That's not strictly true, but we'll return to that in a moment.)
Even as recently as this morning, Business Secretary Andrea Leadsom was making the same argument on the BBC's Today Programme.
Apparently unaware Mr Johnson was about to perform a screeching u-turn on the tax cuts, she told Nick Robinson: "What we've seen that since we've reduced corporation tax from 28 per cent to 19 per cent, making it the lowest in the G20, is that we've seen an increase in the amount of tax taken by the exchequer and it's businesses that are contributing to the public services that we all want to see invested in."
But today, from the stage of the Confederation of British Industry (CBI) conference, he said: "We are postponing further cuts in corporation tax…this saves us £6 billion that we can put into the priorities of the British people, including the NHS.
"I hope you will understand it is the sensible, it is the fiscally responsible thing to do at the present time."
So which Boris Johnson is telling the truth?
Well, if you're asking whether the Tories cutting corporation taxes has increased tax revenue, the answer is no.
Loads have people have said so, but let's just look at the most recent one.
Today, the Institute for Fiscal Studies – a very well respected think tank – said there had been an increase in revenue after the corporation tax cut, but not because of it.
They said: "Much of the rise in revenue since 2010 is simply recovering from the effects of the financial crisis and recession.
"We would have expected a recovery in profits even if the corporation tax rate had not been cut."
Stuart Adam, a Senior Research Economist at the IFS, said: "Corporation tax revenues today are at much the same the level they were at before the financial crisis, despite a 7 percentage point cut in the headline rate.
"That is largely because a series of other changes have increased the effective rate of corporation tax: the headline rate is not all that matters.
"Abandoning the proposed further 2 percentage point cut will leave the government with about £6bn a year more revenue than it would have received had it gone ahead with the cut."
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