Budget 2011: Osborne slashes corporation tax by 2%

Osborne said corporation tax will be slashed by 2% from April - instead of the previously announced 1% - and will continue to fall by 1% in each of the following three tax years as he declared "Britain is open for business". Today's move, which will reduce corporation tax to 23%, will come as a major boost to businesses as the Chancellor looks to the private sector to reinvigorate the economy. The 2% reduction will be offset by a £285m hike in the bank levy from next January, the Chancellor said. Today's move will see a reduction in the corporation tax take of £425m in the financia...