You are here: Home - Saving-Banking - News -

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week