Member Article

Osborne to cut corporation tax to less than 15%

In a move to quell the shock to investors following the UK’s decision to leave the EU, Chancellor George Osborne is planning to cut corporation tax to less than 15%.

Osborne stated that by promoting a global outlook backed by low business taxes, he plans to create a ‘super competitive economy’ reiterating that Britain is ‘still open for business’ despite the uncertainty brought about by Brexit.

Cutting more than 5% off the current rate would see Britain close in on the Irish 12.5% levy, making the country one of the most competitive global economies.

He told the Financial Times: “We must focus on the horizon and the journey ahead and make the most of the hand we’ve been dealt.”

Moreover, Osborne recognised that Britain faces a ‘very challenging time’ and called on the Bank of England to use its powers to avoid ‘a contraction of credit in the economy’.