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UK's Hammond buries idea of extra cuts to corporation tax
October 3, 2016 / 11:31 AM / a year ago

UK's Hammond buries idea of extra cuts to corporation tax

BIRMINGHAM, England (Reuters) - Finance minister Philip Hammond said the government would stick to its plans to lower Britain’s corporation tax rate to 17 percent by 2020, burying a suggestion by his predecessor George Osborne that it might fall below 15 percent to offset the Brexit vote impact.

Hammond also said in a speech to a conference of the ruling Conservative Party that he was determined to help the economy cope with the referendum decision to leave the European Union.

“We are ready to take whatever steps are necessary to protect this economy from turbulence and when the process is over we are ready to provide support for British businesses as they adjust to life outside the EU,” he said.

Reporting by William James; writing by William Schomberg

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