Velocity chief executive Daniel Mouawad said the decision would help to attract major investors from Europe and beyond.

Chancellor George Osborne outlined the move to cut corporation tax to 19% in 2017 and 18% in 2020 as part of his Summer Budget announcement yesterday (Wednesday).

Companies currently pay corporation tax of 20% – already the lowest figure of any country in the G20.

Mr Mouawad pictured said: “We already have the lowest rate of corporation tax of any major economy and this had an extremely positive impact on foreign investment into the UK. We are in pole position to attract that investment and these measures will safeguard that.”

The South East Midlands – an area which includes Milton Keynes, Bedfordshire, , Northampton,, Bicester, Daventry and Kettering – was last month unveiled as home to the third strongest Local Enterprise Partnership in the country, behind only Birmingham and Manchester.

Figures revealed a confirmed 60 Foreign Direct Investment successes in the South East Midlands in 2014-15, investments which created 2,007 new jobs and safeguarded a further 2,300.  

SEMLEP performed particularly strongly in the Business Professional and Financial Services and Advanced Engineering and Manufacturing sectors, with 43% and 38% of recorded successes in these sectors respectively.

Mr Mouawad said: “The South East Midlands is the third strongest magnet for foreign direct investment in the UK. We welcome the continued lowering of corporation tax to ensure the UK remains at the forefront of attracting investors.” 

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