The new Chancellor of the Exchequer has said he will not cut corporation tax to 15% in a bid to boost the economy.
It comes after Phillip Hammond’s predecessor George Osborne hinted the move could be on the cards.
According to reports, at a meeting of finance ministers in Bratislava, Hammond told his European counterparts that he planned to stick to a plan to cut the rate to 17% by 2020 from its
current level of 20%.
Business groups and tax experts have been calling on the Chancellor to focus on a broad range of tax cuts which could boost the UK economy.
A spokesman for the Treasury said the government is committed to a “competitive tax regime” and decisions on tax policies will be set out at future Autumn Statements and budgets in the usual way.
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