The Chancellor of the Exchequer, George Osborne, has announced plans to cut UK corporation tax from 20% to 15% following the outcome of the EU referendum.
He said the UK must show the world it is “still open for business” as he outlined plans to build a “super competitive economy” with low business taxes and a global focus. The Chancellor said he also wants to focus on generating investment from China as well as ensuring support for bank lending, bolstering the Northern powerhouse and maintaining the UK’s fiscal credibility.
Bank of England Governor, Mark Carney, announced that he would be scaling back capital rules for banks in order to spur more lending and changing rules for insurers to lower the risk of a corporate bonds sell-off.
