Boris Johnson has pledged to postpone further corporation tax cuts in a bid to divert £6 billion to the “priorities of the British people”.
The Prime Minister said such a change is the “fiscally responsible thing to do at the present time” and named the NHS as among the services expected to receive money as a result.
His announcement came at the annual CBI conference during a speech in which he also outlined a desire to push on with “uniting and levelling up” the country.
Mr Johnson said if the country’s potential is “enormous then so is the injustice”, pointing to regions of the country lagging behind London.
Speaking at the InterContinental Hotel in Greenwich, south-east London, the PM said: “I hope you won’t mind if I also announce today that we are postponing further cuts in corporation tax.
“And before you storm the stage and protest, before you storm the stage, let me remind you this saves us £6 billion that we can put into the priorities of the British people, including the NHS.”
He added: “I hope you will understand it is the sensible, it is the fiscally responsible thing to do at the present time.
“It doesn’t mean we’re in any way averse to reducing taxes on business, as I’m sure you’ll understand.”