Fact Check: the truth about corporate tax cuts

Does slashing business rates boost investment and economic growth?

London skyline
Businesses in London and across the UK pay the lowest headline corporation tax rate in the G7
(Image credit: Dan Kitwood/Getty Images)

The exact contents of the Chancellor’s Red Box won’t be revealed until tomorrow afternoon, but Philip Hammond is expected to cut the 19% corporation tax rate.

Former chancellor George Osborne hoped to boost growth and investment in the wake of the Brexit vote by reducing the corporation tax rate to 17% by the end of 2020 - and there is speculation that Hammond may also favour a rate cut to signal that Britain is open for business.

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