Government 'looks to China for broadband investment' header image

The government is hoping to attract Chinese investment for the development of the UK's broadband infrastructure.

Paul Deighton, commercial secretary to the Treasury, told the South China Post it will cut the corporation tax rate from 23 per cent to 20 per cent in 2015 to try to encourage investors.

He said this will be the lowest rate among the G20 nations "sending a clear message to foreign investors who are interested in modernising our economic and digital infrastructure projects, including power stations and broadband network".

It is hoped this will ease the burden on the UK's struggling construction sector, which suffered during the unusually severe and prolonged winter.

Last year, Chinese telecommunications firm Huawei pledged to invest £1.3 billion in UK broadband by 2017.

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Posted by Mark Wynn