(Bloomberg) -- Next year’s planned rise in UK corporation tax will be canceled, Chancellor of the Exchequer Kwasi Kwarteng confirmed in his mini-Budget.

“The UK’s corporate tax rate will not rise to 25% -- it will remain at 19%,” he told the House of Commons on Friday. “We will have the lowest rate of corporation tax in the G20. This will plough almost £19 billion a year back into the economy.”

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Kwarteng also vowed to permanently keep the annual investment allowance, which gives 100% tax relief on investments in plant and machinery, at £1 million rather than drop it to £200,000 as planned.

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