On Monday corporation tax is being cut, on the way to making our system the most competitive in the G20. The 50p rate of tax is going because it wasn’t working – revenues fell, as the wealthy paid less. But there will be new taxes on the very richest so that in every year of this parliament they will pay a higher share of income tax than in any year of the last Labour government. Our approach is more effective: instead of setting uncompetitive rates that people don’t actually pay, we’re cracking down on tax avoidance and cutting unlimited tax reliefs. From Monday air passenger duty will be extended to private jets.