Osborne outlines five-year plan to cut corporation tax

In his first major speech as UK Chancellor of the Exchequer, Osborne told the CBI's annual dinner the Government would introduce a five-year plan to overhaul the current regime, a central tenet of the Tory manifesto. He also said the personal income tax allowance would increase in the Budget, set for 22 June, with the long-term aim of raising it to £10,000. Recent reports suggest the Government will reduce the headline rates of corporation tax - from 28p in the pound to 25p for larger businesses and from 21p to 20p for small companies. Speaking at the annual employers' organisation...