Boris Johnson won’t cut UK corporation tax further

PM Boris Johnson will postpone further cuts to corporation tax, he told business leaders at the CBI conference in London today.

Mr Johnson said the u-turn – leaving the tax at 19 per cent, instead of 17 per cent – would free up £6bn to spend on the NHS and other public services.

He said: “I hope you won’t mind if I also announce today that we are postponing further cuts in corporation tax.

“And before you storm the stage and protest, before you storm the stage, let me remind you this saves us £6 billion that we can put into the priorities of the British people, including the NHS.”

He added: “I hope you will understand it is the sensible, it is the fiscally responsible thing to do at the present time.

“It doesn’t mean we’re in any way averse to reducing taxes on business, as I’m sure you’ll understand.”