Philip Hammond restates commitment to slash UK corporation tax to 17% in four years

The UK will keep to planned cuts in corporation tax to 17% by 2020 to help spur growth, as chancellor Philip Hammond unveiled budget investments for infrastructure, including roads, rail and high-speed broadband, to help boost productivity as Britain heads for its divorce from the EU.

Shares in British housebuilders briefly turned positive in choppy trade after he outlined plans to support further construction through infrastructure funds and packages to help homebuyers.

Mr Hammond said he was setting up a £2.3bn (€2.7bn) housing fund to deliver infrastructure for up to 100,000 new homes in areas of high demand, with a further £1.4bn to help construct 40,000 affordable homes.