Chancellor George Osborne has announced an addition 1% cut in corporation tax in April 2014.
The 1% cut announced today in the Autumn Statement means that businesses will pay 21% from 2014, the lowest rate for any Western economy, Osborne claimed.
The cut means the rate will be reduced from 24% to 23% in April 2013 and then 21% in April 2014.
'Britain is open for business,' Osborne said. ‘It’s a great advert for our country.'