Going ahead with a rise in corporation tax would be a mistake, three former chancellors have warned Rishi Sunak.

On Saturday, Lord Hammond, who was Theresa May’s chancellor, said he was “disappointed” with the increase from 19 per cent to 25 per cent.

Kwasi Kwarteng, who was chancellor under Liz Truss, said the policy would not help the UK to become more competitive.

George Osborne has also said Mr Hunt should cut business taxes in next month’s Budget to boost the economy. Earlier this month, he warned that a historically high burden on industry risked putting companies off investing in Britain.

The former chancellors joined business leaders and economists in the growing rebellion against Mr Sunak’s flagship policy.

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