Everybody rejoice: Corporation tax is reduced by 2%

Chancellor George Osborne has announced a number of measures to try to help business in his Budget.



Corporation Tax will be reduced by 2% from April 2011, rather than 1% as previously intended, and fall by 1% in the next three years, to reach 23%.

Mr Osborne also said that he was looking to boost enterprise and exports, as part of a Budget "for making things".

He said he also wanted the UK to be the best place to establish a company.
'Increase investment'

"Cuts in the burden of corporation tax, that will be worth around £2bn per annum when implemented over the coming years, are likely to be particularly beneficial for big multinational companies," said BBC business editor Robert Peston.

"And a significant lifting of planning constraints will delight much of the corporate sector."

He added: "With the corporation tax changes - and the recent pledge by Vince Cable to slash red tape - they represent a loosening of alleged shackles on the corporate sector."

Just how much more lucky could we be?