Britain could cut corporation tax to attract major international companies under plans being considered by Theresa May after Apple was hit with a record tax bill by Brussels.

Downing Street said it would "welcome" Apple to the UK after the European Commission took the extraordinary step of hitting the company with an £11billion fine.

In a damning report published on Tuesday, the commission found that a deal with Ireland meant the technology giant paid as little as 0.005 per cent tax on its European profits for more than a decade.

The current rate of corporation tax in Ireland is 12.5 per cent. Tim Cook, Apple's chief executive, accused the European Union of trying to re-write history and said that the decision represents a "devastating blow to the sovereignty of EU member states".

He said that the decision will have a "profound and harmful effect" on investment and jobs in the European Union.