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Osborne plans to slash corporation tax following Brexit vote

Written by: Hannah Uttley
George Osborne is planning to cut corporation tax to less than 15%, the lowest rate of any major economy, in a bid to ensure the UK continues to attract overseas investment.

Speaking to the Financial Times in his first newspaper interview since the Brexit vote, Osborne set out a five-point plan for the UK economy, which also covers a refreshed push for investment from China, maintained support for bank lending, redoubling of efforts to invest in the Northern powerhouse, and to preserve the UK’s fiscal credibility.

Osborne did not back away from his warnings of a Brexit-linked recession made before the EU vote, but maintained it was important for the UK to ‘make the most’ of the situation.

The Chancellor hopes his plans will build a ‘super economy’ with corporation tax rates that would almost rival Ireland, which has a rate of 12.5%.

Following David Cameron’s announcement last week that he will step down as Prime Minister, Osborne said he was not backing any of the contenders in the leadership race, but close allies of the Chancellor say he would like to continue at the Treasury or move to the Foreign Office if offered a place.

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