Today, in an interview with the FT, the Tory treasurer Michael Spencer reveals that he is "hopeful that, over the next parliament...we will get corporation tax down towards the 20 per cent level."
Spencer is close enough to the leadership to know what he is talking about, and his comments track with what is being said in private. My understanding is that the Tory aim is to have the lowest corporation tax level of any major economy. George Osborne believes that cutting corporation tax is the best way to announce that Britain is open for business again. The Tories also think that the stimulative effects of a lower level of corporation tax should help to avert a double dip recession.