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Pascal Lamy, a former chief of the World Trade Organisation, has told 麻豆社 Radio 5 live's Wake Up to Money that Chancellor George Osborne's plans to slash corporation tax will be seen as the start of Brexit negotiations, and starting with tax competition is not the right way to go about it. He said: "The UK is already activating one of the weapons in this negotiation, which is tax dumping, tax competition. I can understand why he (Osborne) does that, because obviously investors are flowing out from the UK, and he wants to provide them with some sort of premium that would make them think twice before they leave the United Kingdom. He has to think about the impact of this on the continent. This will be seen on the continent as the start of the negotiation. And I'm quite convinced that at the end of the day, if you want a proper balanced win-win relationship in the future, starting with tax competition is not the right way psychologically to prepare this negotiation"
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