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In 1973, alongside the introduction of advance corporation tax (ACT), Conservative chancellor Anthony Barber created a main rate of 52%, together with a smaller companies' rate of 42%.
Corporation tax fell under Brown, from a main rate of 33% to 28%, and from 24% to 19% for small businesses.
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Budgets between 1988 and 2001 brought further falls to a 30% main rate and 19% small companies' rates.
That, and other measures in the previous Labour government's pipeline, will eventually push up tax by about one percentage point of GDP.This is not enough, and a rise in the main rate of VAT, a consumption tax, is widely expected.
Each has raised its main rate by a quarter of a percentage point in recent months, reflecting the relatively robust recovery that those countries have enjoyed this year.
The Bank of England cut its main rate by a quarter percentage point, to 5percentt.
The central bank for the 15-nation euro zone surprised analysts in July by raising its main rate by a quarter point, but it stood pat in August.
The centrepiece was a temporary reduction in the main rate of value-added tax (VAT), charged on most goods and services, from 17.5% to 15%.
The CBI, the Institute of Directors and the British Chambers of Commerce lined up to condemn a policy of reversing a planned rise in business rates in 2015 and cancelling a planned reduction in the main rate of corporation tax from 21%to20%0%.
The Bank of England kept its main rate at a record low 0.5percentt and extended its bond-buying program totaling £125 billion ($206 billion) for two more months to give it more time to flow through the financial system.
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