UK's Labour pledges to freeze corporation tax at 25% if it wins election

(Adds details) LONDON, Feb 1 (Reuters) -

Britain's opposition Labour Party will cap corporation tax at 25% if they win the next election and will look to cut that rate if needed, the party's finance policy chief Rachel Reeves said on Thursday in a pitch to business leaders. The Labour manifesto will commit to keep the headline rate of corporation tax at its current rate of 25% for the lifetime of the next parliament, monitoring Britain's "competitiveness and acting if needed," the Labour party said in a statement.

Her comments come ahead of a general election expected in the second half of this year.