Summary
Eurotunnel, the company that runs the Channel Tunnel, has stopped its UK projects because of a planned increase in business taxes. The company said these higher taxes make future investments in the UK impossible. The government plans to discuss these concerns ahead of the upcoming Autumn Budget.
Key Facts
- Eurotunnel operates the Channel Tunnel, which links England and France.
- The company says a 200% increase in business rates is planned for next year.
- Eurotunnel claims higher taxes make UK investments unsustainable.
- The Treasury will continue talks with affected industries about this issue.
- Eurotunnel plans to stop investment projects in the UK by 2026.
- Some planned projects include reopening a freight terminal and starting a new freight service.
- Business rates are taxes on non-domestic properties, like stores and offices.
- The Autumn Budget will set future business rates, effective April 2026.
