Taxation: EU Countries Mr. Sanders To ask the Chancellor of the Exchequer if he will assess the effect of tax competition in the European Union on revenues to the UK Exchequer; and if he will make a statement. Sarah McCarthy-Fry Tax developments in all EU member states are continuously monitored and taken into account when deciding tax policy. The comparisons we make illustrate that the UK remains a competitive place to do business with the lowest corporation tax rate of the major G7 economies. The Government remain committed to maintaining the competitive position of the UK.