Chancellor plans to cut corporation tax below 15% in post-Brexit business boost

Target of lower than 15%

Chancellor George Osborne has said he wants to cut corporation tax from 20% to under 15%, as part of a five-point plan to help support the economy following the UK's decision to leave the EU.

Speaking to the Financial Times, Osborne said he wanted a leading role in shaping Britain's future, which would include building a "super competitive economy" with low business taxes and a global focus. His plans include setting the lowest corporation tax rate of any major economy, with a target of under 15%, down from 20%. The Chancellor said his five-point plan would also focus on a new push for investment from China; ensuring support for bank lending; redoubling efforts to invest in the Northern powerhouse; and maintaining the UK's fiscal credibility. Osborne told the FT that Br...