LONDON: British Chancellor of the Exchequer George Osborne plans to slash corporation tax to less than 15 percent to tempt businesses to stay following the nation’s shock vote to leave the EU, the Financial Times reported on Sunday.
Osborne plans to create a what he called a super-competitive economy, cutting corporation tax by more than 5 percentage points from 20 percent to the lowest for any major economy, it said. The move, which would bring the tax close to Ireland’s 12.5 percent rate, follows concern companies could flee the uncertainty after Brexit.
