Tory Treasurer hopes for 20% tax rate

The Tory party Treasurer has said he hopes that cuts to corporation tax would
go further than the promises already made by the Conservatives and that the 50%
income tax band would be removed.

Michael Spencer, chief executive of interdealer broker Icap, made the
comments in an interview for the Financial Times.

The Tories have already committed to a cut in corporation tax from 28% to
25%, but Spencer is reported saying that he personally hopes that the tax would
get down to 20% under a Tory government.

He said the party “cherished” the City.

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