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You can find the current article at its original source at https://www.theguardian.com/politics/2016/jul/03/george-osborne-looks-at-corporation-tax-cut-to-attract-overseas-investors
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| Version 1 | Version 2 |
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| George Osborne looks at corporation tax cut to attract overseas investors | George Osborne looks at corporation tax cut to attract overseas investors |
| (about 2 months later) | |
| George Osborne is planning to cut corporation tax to below 15% in a bid to encourage businesses to invest in a Britain outside the European Union. | George Osborne is planning to cut corporation tax to below 15% in a bid to encourage businesses to invest in a Britain outside the European Union. |
| The chancellor said the move was part of a five-point plan to breathe life into the economy, following his warning before the referendum that a Brexit vote would trigger a DIY recession in the UK. | The chancellor said the move was part of a five-point plan to breathe life into the economy, following his warning before the referendum that a Brexit vote would trigger a DIY recession in the UK. |
| “We must focus on the horizon and the journey ahead and make the most of the hand we’ve been dealt,” Osborne told the Financial Times, adding that the UK faced a “very challenging time”. | “We must focus on the horizon and the journey ahead and make the most of the hand we’ve been dealt,” Osborne told the Financial Times, adding that the UK faced a “very challenging time”. |
| The chancellor did not provide a specific timeframe for cutting corporation tax to below 15%, but said Britain should “get on with it”, to reassure investors that the UK is open for business. | The chancellor did not provide a specific timeframe for cutting corporation tax to below 15%, but said Britain should “get on with it”, to reassure investors that the UK is open for business. |
| Osborne had previously announced plans to cut corporation tax on a phased basis from its current level of 20% to 17% in 2020. By cutting it further, Britain would be competing with countries such as Ireland, where corporation tax is 12.5%. | Osborne had previously announced plans to cut corporation tax on a phased basis from its current level of 20% to 17% in 2020. By cutting it further, Britain would be competing with countries such as Ireland, where corporation tax is 12.5%. |
| As well as lowering corporation tax, the chancellor said his five-point plan included ensuring support for bank lending; a push for more investment in China; a focus on delivering the northern powerhouse: and maintaining Britain’s fiscal credibility. | As well as lowering corporation tax, the chancellor said his five-point plan included ensuring support for bank lending; a push for more investment in China; a focus on delivering the northern powerhouse: and maintaining Britain’s fiscal credibility. |
| On Friday, Osborne dropped his target of returning the public finances to a surplus by 2020, effectively abandoning one of the central pillars of his economic policy as chancellor. | On Friday, Osborne dropped his target of returning the public finances to a surplus by 2020, effectively abandoning one of the central pillars of his economic policy as chancellor. |
| “The government must provide fiscal credibility, so we will continue to be tough on the deficit, but we must be realistic about achieving a surplus by the end of this decade,” he said. | “The government must provide fiscal credibility, so we will continue to be tough on the deficit, but we must be realistic about achieving a surplus by the end of this decade,” he said. |
| Revealing his five-point plan to shore up the economy following the Brexit vote, the chancellor said he wanted to play a leading role in shaping the country’s economic future. | Revealing his five-point plan to shore up the economy following the Brexit vote, the chancellor said he wanted to play a leading role in shaping the country’s economic future. |
| Osborne is not a candidate in the Conservative party leadership contest and said he was “not backing anyone at the moment”. | Osborne is not a candidate in the Conservative party leadership contest and said he was “not backing anyone at the moment”. |