The new chancellor George Osborne has told the Confederation of British Industry that the government is committed to lower and simpler corporate tax rates.

In his first major speech as Chancellor Mr Osborne said that he would use an emergency Budget on June 22 to kick-start a five-year plan to overhaul the corporation tax regime.

"We will reform the corporate tax system by simplifying reliefs and allowances, and tackling avoidance, in order to reduce headline rates. Our aim is to create the most competitive corporate tax regime in the G20, while protecting manufacturing industries," said Mr Osborne.

Osborne also spoke about how the Conservative's scrapping of the planned rise in National Insurance would help entrepreneurs.

"I want to help new businesses by abolishing employers national insurance contributions on the first ten jobs they create."