UK plans lower corporation tax

Britain has announced plans to cut corporation tax to less than 15 per cent in an attempt to cushion the shock of the country's decision to leave the European Union, raising the prospect of competitive tax cuts across the bloc. Finance Minister George Osborne told the Financial Times he wanted to build a "super competitive economy" with low business taxes and a global focus, signalling a determination to remain in his job when a new prime minister takes over in September. The new rate, which was announced without a target date, compares with Osborne's previous target to cut corporation tax to 17 per cent by 2020 from 20 per cent now. The average rate among the world's most developed countries is 25 per cent.