LONDON, (Reuters) – British finance minister George Osborne is planning to cut corporation tax to less than 15 percent in an attempt to offset the shock to investors of the country’s decision to leave the European Union, the Financial Times reported yesterday.
Osborne was also quoted saying he would put more effort into Britain’s relationship with China and lead another trade visit later this year, after the shock referendum decision.
He told the newspaper he wanted to build a “super competitive economy” with low business taxes and a global focus.
Osborne did not specify a date for cutting corporation tax to below 15 percent. In his most recent budget statement, announced in March, Osborne announced a cut in the corporation tax to 17 percent by 2020, down from 20 percent now.
