The UK must show it was “still open for business”, said the chancellor
Chancellor George Osborne has vowed to cut corporation tax to 15 per cent from the current 20 per cent levels.
The news comes after Osborne announced in his March budget that corporation tax will be 17 per cent by 2020.
Speaking to the FT, the chancellor said the UK must show it was “still open for business” following the decision to leave the EU as he set out plans to create a “super competitive economy”.
“We must focus on the horizon and the journey ahead and make the most of the hand we’ve been dealt,” he added.
Jonathan Isaby, chief executive of the TaxPayers’ Alliance,called on Osborne to “be bold and cut the rate to 10pc as soon as possible to really demonstrate that we are open for business”.
Jonathan Isaby, chief executive of the TaxPayers’ Alliance, said: “The chancellor is absolutely right to be considering a big cut to Corporation Tax, as it would show that the UK is ready to seize new opportunities in the global economy.
“But Osborne must be bold and cut the rate to 10 per cent as soon as possible to really demonstrate that we are open for business, with competitive conditions to match our talented workforce. It’s crucial that our politicians have a positive vision for British taxpayers outside the EU, and meaningful tax cuts to boost growth and prosperity are an excellent first step.”