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Chancellor plans to dismantle Osborne’s corporation tax pledge

Philip Hammond

CHANCELLOR Philip Hammond has indicated that he will scrap predecessor George Osborne’s pledge to cut corporation tax to below 15%, according to reports.

Hammond has told EU finance ministers that the government intends to stick to a plan to cut the rate to 17pc by April 2020, from its current level of 20%, people with knowledge of the talks told Bloomberg.

The tax cut was proposed by Osborne as way to boost the economy in the days following the UK’s decision to leave the EU.

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Philip Hammond
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