Financial services and high-tech companies will be among the big winners from Gordon Brown’s decision to cut corporation tax to maintain the UK’s edge as a place to do business.

The chancellor reduced the rate of tax from 30p to 28p, effective from April next year, although he clawed back all the costs by slashing capital allowances for companies that invest in equipment and buildings. He promised to keep an open mind on further cuts to keep the UK competitive against its G7 rivals.