UPDATE 1-PM Johnson says Britain postponing further cuts in corporation tax

British Prime Minister Boris Johnson said on Monday the government was postponing further cuts in corporation tax.

"We are postponing further cuts in corporation tax," Johnson told business leaders at a conference organized by Britain's main business lobby, the CBI. "This saves 6 billion pounds ($7.8 billion) that we can put into the priorities of the British people, including the NHS (National Health Service)," Johnson said.

In 2015, the government set the main corporation tax rate at 19% for 2017, 2018 and 2019 and at 18% for the year beginning April 1, 2020. In the 2016 budget, the government announced a further reduction in the main rate to 17% for the year beginning April 1, 2020. ($1 = 0.7712 pounds)