The UK Chancellor’s statement last Wednesday included lots of grandiose pronouncements about recovery and growth — but the most significant elements of his budget were tax rises that will stifle that growth. The increase of corporation tax (business tax on profits) to 25% (for the largest and most profitable companies) will result in the UK’s headline rate being precisely twice the rate of Ireland’s — our nearest and most competitive nation for foreign direct investment.

Ireland has long played its hand as one of the most desirable places for large multinationals to set up shop. But the UK was…