George Osborne tackles corporate taxation
George Osborne has issued a statement regarding corporate tax in the UK and the government's intention to revamp and simplify the system. While this intention to change the corporate taxation system in the UK, which many believe to be over complicated, has been well received there is no word as yet as to when corporate tax rates will fall.
One of the main policies discussed by the Conservative party during the recent election campaign was a reduction in corporation tax from 28% to 25%. George Osborne has refused to put a timescale on this particular tax reduction although with the current economic climate this is only to be expected.
While tinkering with the UK taxation system will be well received by businesses and taxpayers alike there is no doubt that George Osborne has bigger fish to fry with regards to public sector investment cuts. We should see stage one of a massive restructuring of the public sector finances early next week, something which will obviously attract very different opinions from very different parties across the UK.
The truth is that George Osborne has little choice but to reduce public sector investment although the timing of such a move will be to be the main sticking point between businesses and unions.
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