Budget 2011: Osborne slashes corporation tax by 2%

Chancellor George Osborne has slashed corporation tax by more than expected as part of a bold plan to stimulate Britain's economy and private sector.

Osborne said corporation tax will be slashed by 2% from April and will continue to fall by 1% in each of the following three tax years as he declared "Britain is open for business". Today's sop to large corporates is part of a wider business-friendly Budget designed to kick-start the economy amid signs of a recent slowing.