Britian’s George Osborne plans to cut corporate tax to under 15%: Report1 min read . Updated: 04 Jul 2016, 02:58 PM IST
The move follows concern companies could flee the uncertainty hanging over Britain's future relationship with the European Union
London: British finance minister George Osborne plans to slash corporation tax to under 15% to tempt businesses to stay following the country’s shock vote to leave the European Union (EU), 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% 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% rate, follows concern companies could flee the uncertainty hanging over Britain’s future relationship with the EU.
The 23 June vote to leave the 28-member bloc sent the value of the British pound tumbling against the dollar and rocked the financial markets.
Airline EasyJet, British Airways owner IAG, and estate agency Foxtons have issued profit warnings since then.