Osborne floats 15% business tax to boost economy

British Chancellor of the Exchequer George Osborne has set a goal of lowering the corporate tax rate to 15 percent in an effort to keep businesses investing in the UK as it prepares to leave the European Union.

Osborne, who campaigned to remain in the EU, said in an interview with the Financial Times that he accepted the result of the June 23 referendum and now wants to mitigate the economic impact. Britain currently has a 20 percent tax rate for business that's scheduled to fall to 19 percent in April and to 17 percent in 2020.

"We have now got to be part of a supreme national effort to make it work for the British people," Osborne said in the interview, which was published on Monday. Osborne said he stands by the warnings he's made about the possible impact of Brexit, "including a recession".