UK Budget: Corporation tax to fall to 17% by 2020

Corporation tax will fall to 17% by 2020, Finance Minister George Osborne said on Wednesday.

In his annual Budget speech, Osborne said the rate was was 20% at the start of the current parliament.

He called it "one of the most distorted and unproductive taxes".

"Britain is blazing a trail, let the rest of the world catch up," he told parliament.