John McDonnell MP, Labour’s Shadow Chancellor, responding to reports that George Osborne intends to cut corporation tax to 15 per cent, said:

“This is a futile and costly gesture from a lame-duck Chancellor who is clean out of ideas after being forced to abandon his failing flagship austerity programme. George Osborne is already set to slash corporation taxes to among the lowest rate in the G20.

"But despite falling corporate tax rates UK investment has shrunk in both of the last two quarters even with record profits and UK companies sitting on a £700bn cash pile.

"Instead of turning the whole country into a giant tax haven and playground for the ultra-rich, the Chancellor needs to get a grip on the real problems by reversing planned cuts to Government investment and bringing forward shovel-ready projects for those areas worst affected by the investment slump and the shock of Brexit.”