Osborne cuts company tax, bank levy; increases living wage
There will be an 8 per cent surcharge on bank profits on top of corporation tax starting in January 2016
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London
UK CHANCELLOR of the Exchequer George Osborne cut company taxes and the levy on banks as he squeezed welfare and announced a new national living wage in the first budget by a Tory-majority government in almost two decades.
Taunting the Labour opposition that his Conservative Party is the true champion of working people, Mr Osborne said he'll maintain the pace at which Britain has been reducing its budget deficit since 2010, rather than increasing it. He put back by a year the target for achieving a fiscal surplus to ease pressure on public services.
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