Chancellor George Osborne told the Financial Times over the weekend that he is set to slash the corporation tax to below 15 percent from the current 20 percent, to attract more business to the “Brexit”-hit economy.
In an interview to the daily, Osborne said, “We must focus on the horizon and the journey ahead and make the most of the hand we’ve been dealt.”
Osborne has a new five-point plan to strengthen the U.K. economy and slashing the corporation tax is a key point of the plan. He also reiterated his warning that the economy may slide into recession as it leaves the European Union.
The chancellor hopes to build a “super competitive economy” with low business taxes and a global outlook.
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