Chancellor George Osborne declared ‘Britain is open for business’ and announced he is cutting corporation tax by 2 per cent this year – not 1 per cent as had been planned.
 
The chancellor said corporation tax will be cut by ‘a further 1 per cent’ – presumably  meaning that it will fall by one percentage point – in each of the following three years, as planned.

He said this level would make it the lowest corporation tax of all the G7 countries.

‘I want Britain to be the place international businesses go to, not the place they leave,’ he declared.

To ensure that bankers would not enjoy a net tax cut, the chancellor added that he planned to adjust the bank levy rate next year to offset this effect.