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Lowest in the G7 

By 2014-15 the 2010-11 rate of 28% will be reduced to 23% as each year from now until then, businesses will see an additional 1% cut in the rate. By 2014 the 23% rate will be lower than France (30%) and the USA (39%) but higher than our EU cousins the Germans who retain their 15% flat rate. Chancellor Osborne also proudly proclaimed that “Britain is open for Business”. This statement clearly highlights his wish for a corporate driven recovery. This is reinforced by Brian Gauke MP (Exchequer Secretary to the Treasury) who says that he is “committed to creating the best possible environment for a private sector led recovery”. The corporation tax policy is not without its critics, some of whom argue that the reductions are off-set by the new “Bank Levy” which will effectively take back the £2billion that he will give out. Chancellor Osborne did not make any secret of the fact that his latest budget would be fiscally neutral as all of the major spending announcements had already been made in his emergency budget of June 2010.

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