Philip Hammond, Chancellor of the Exchequer, took the opportunity at the Mansion House speech on Tuesday to hint at his plans for the UK economy.

At a time of uncertainty within the UK and with Brexit negotiations having already started, Mr Hammond stated that the economy was the highest priority. Importantly, he stepped away from the approach of the previous Government suggesting that the economy will require higher tax revenues and public spending as we leave the EU.

Quoted from The Telegraph:

Philip Hammond has set out plans to give austerity "weary" Britain a boost as he signalled that the Government was prepared to borrow more to invest to lift growth and raise living standards.

The Chancellor said the country had been hit by "seven years of hard slog" and that the general election result, which left the Tories without a majority, showed that policymakers needed to make the "case for growth".

Mr Hammond told a City audience at Mansion House that the Conservatives would focus on "domestic weaknesses that have plagued [the UK economy]" including underinvestment, chronic skills shortages and the North-South divide.

As Brexit negotiations begin, Mr Hammond also stressed that promoting trade and remaining "open to talent" would be vital, as he restated the case for a transition period to cushion the UK's exit from the EU.

Corporation tax has recently reduced to 19%  and the future plans to go as low as 17% might yet change. We will know more in the next Budget. 

However, the emphasis on helping the economy will be welcomed by innovative businesses and all those wanting the UK to continue to be competitive.