UK's Sunak: Rate of corporation tax will increase to 25% in 2023

British finance minister Rishi Sunak is delivering his budget statement to parliament on Wednesday.

Key takeaways as summarized by Reuters

"Will not raise rates of income tax, national insurance or VAT."

"Will freeze income tax thresholds."

"Freeze in income tax thresholds will continue until April 2026."

"Will keep inheritance tax and pensions lifetime allowance thresholds until April 2026."

"In 2023, the rate of corporation tax will increase to 25%."

"UK will still have lowest corporation tax rate in G7."

"New higher rate of corporation tax will not apply to businesses with profits under 50,000 pounds."

"Only 10% of companies will pay the full higher rate of corporation tax."

The UK's FTSE 100 Index edged slightly lower after these remarks and was last seen gaining 0.6% on the day at 6,653.