Tories ‘would cut corporation tax’
The Conservatives have promised to cut corporation tax if elected, hinting at a manifesto containing broad-based measures to reduce taxes.
Shadow chancellor George Osborne said he and David Cameron wanted to be “low-tax Tories”, telling reporters it was his “ambition” to cut taxes.
Initially, Mr Osborne will unveil plans to cut corporation tax in the new year.
The government plans to reduce the tax from 30 to 28 per cent next April but in an interview with the Daily Mail Mr Osborne said this would still be “too high”.
Although declining to give a precise figure for corporation tax under a Conservative government, he praised Ireland for its 12.5 per cent tax rate.
Mr Osborne told the newspaper: “I believe in lower taxes. I think lower taxes are good for people and the economy.
“Next year I hope to set out some plans for business taxation so that Britain is competitive.”
Conservative plans to cut inheritance tax, announced by Mr Osborne at the Tory conference in Blackpool, led to an instant surge in popularity for the party.
Today the shadow chancellor warned voters not to expect sweeping tax cuts but did promise a “sustained” programme of taxation decreases.
Mr Osborne said he would go into each Budget “thinking how I can reduce taxes”.
The Conservatives have so far resisted campaigning on a platform of low taxes, instead pledging to match Labour’s public spending levels over the next three years.
