Published On: Mon, Jul 4th, 2016

Britain plans to cut corporate tax to under 15%: report

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The June 23 vote to leave the EU sent the value of the British pound tumbling against the dollar and rocked financial markets  © AFP/File Odd Andersen

The June 23 vote to leave the EU sent the value of the British pound tumbling against the dollar and rocked financial markets
© AFP/File Odd Andersen

London (AFP) – British finance minister George Osborne plans to slash corporation tax to under 15 percent to tempt businesses to stay following the country’s shock vote to leave the European Union, the Financial Times reported on Sunday.

Osborne plans to create a what he called a super-competitive economy, cutting corporation tax by over five percentage points from 20 percent currently to the lowest for any major economy, it said.

“We must focus on the horizon and the journey ahead and make the most of the hand we’ve been dealt,” Osborne told the newspaper.

The move, which would bring corporation tax close to Ireland’s 12.5 percent rate, follows concern companies could flee the uncertainty hanging over Britain’s future relationship with the EU.

The June 23 vote to leave the 28-member bloc sent the value of the British pound tumbling against the dollar and rocked financial markets.

Airline EasyJet, British Airways owner IAG, and estate agency Foxtons have issued profit warnings since then.

 

About the Author

Syed Ammar Alavi

- is Lahore (Pakistan) based journalist & writer with 25-year experience in print, wire and broadcast forms of journalism. His major fields of interest are politics, film,tv,sports, climate change and technology

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