Which countries have the lowest corporation tax rates in the world? George Osborne's plan to cut UK corporation tax still further towards 15% in a post-Brexit supply-side initiative is an attempt to counter the debilitating effects of (eventual) withdrawal from the European Union. Will deep cuts in the tax on business profits be effective? Or does it risk helping to trigger a race to the bottom among countries committed to using tax competition as an incentive for inward foreign direct investment?

According to this Sky news report: "The UK's 20% corporation tax rate is currently joint seventh lowest in the EU, along with Croatia, Estonia and Finland. At 15% it would be in line with Latvia and Lithuania, and the third-lowest tax rate, according to KPMG."