Introduction

High tax rates damage Britain's competitiveness. The energy price guarantee will limit the unit price that consumers pay for electricity and gas. It would not be responsible to continue exposing public finances to unlimited volatility in international gas prices. Operation tax rates will not rise to 25%. It will remain at 19% and we will have the lowest rate of corporation tax in the G20. We will not proceed with the cut to corporation tax announced. For April the 23rd we will have a single higher rate of income tax of 40%.