This file photo taken on June 27, 2016 shows British Chancellor of the Exchequer George Osborne making a statement at the Treasury in London. / AFP / POOL / Stefan Rousseau
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Britain has announced plans to cut corporation tax to less than 15 percent in an attempt to cushion the shock of the country's decision to leave the European Union, raising the prospect of competitive tax cuts across the bloc.The new rate, which was announced without a target date, compares with Osborne's previous target to cut corporation tax to 17 percent by 2020 from 20 percent now.Confidence in Britain's economy has been hit by the vote to leave the EU and a lower tax rate could help prevent an exodus of British firms and attract U.S. and European companies which might otherwise be put off by the uncertainty it has created.Some took the announcement by Osborne as the opening salvo in future negotiations with the rest of the EU about Britain's relationship with its former partners.Pascal Lamy, a former World Trade Organisation head, said Osborne was moving fast to activate one of Britain's weapons in the talks as well as trying to reassure foreign investors who are worried about Britain's access to the EU's single market.
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