Darling to stay "competitive" on corporation tax

Alistair Darling has said that the Treasury will continue to consider lowering the rate of corporation tax in the UK.

The chancellor told business figures at the biennial dinner of manufacturers' organisation EEF this week that his aim is to keep the country's level of corporation tax below that of other industrialised nations, Thomson Financial reports.

He explained: "This goal is, and will continue to be, to maintain the most competitive corporation tax rate of any major economy.

"I will continue to assess the case for further reductions in the corporation tax rate, consistent with our objective to maintain sound public finance."

Mr Darling also stated that the British business community has "good reasons to be confident", despite the current uncertainty of global financial markets.

The former transport secretary is set to deliver his first Budget as chancellor on Wednesday March 12th.