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In his 11th and what is expected to be his final Budget, the chancellor Gordon Brown today announced that corporation tax would be cut from 30p to 28p, and the basic rate of income tax would fall from 22p to 20p, as of April next year.
The tax rate on small companies will be raised in three stages from 20p this year to 22p in 2009.
Investment in schools, hospitals, security and defence and infrastructure will rise from £43bn this year to £60bn by 2012.
He also unveiled that education spending in England would rise from £60bn this year to £74bn in 2010, while investment in the NHS would rise by £8bn this year.
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