George Osborne is planning to slash corporation tax to less than 15 per cent in an effort to woo business deterred from investing in a post-Brexit Britain as part of his new five-point plan to galvanize the economy.
While the chancellor did not backtrack on his warning that leaving the EU could push the country into recession, he told the Financial Times: “We must focus on the horizon and the journey ahead and make the most of the hand we’ve been dealt.”
In his first interview since Britain voted for Brexit, Mr Osborne said he wanted a leading role in shaping Britain’s new economic destiny, laying out plans to build a “super competitive economy” with low business taxes and a global focus.
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