More job roles will be created for IT contractors under government plans to cut corporation tax, it has been claimed.

The new chancellor George Osborne announced at the annual CBI dinner earlier this week that he planned to cut corporation tax, while making the UK business tax system the "most competitive" in the G20.

Making such a move would be worthwhile goal which will stimulate economic growth and thus create jobs, according to Martin Bamford, chartered financial planner for Informed Choice.

He said: "It is the private sector that will drive the UK fully out of recession and help to grow the economy, contributing to reducing the massive national debt.

"It is about time that government placed greater emphasis on restoring confidence in private enterprise."

Mr Bamford concluded by saying that the move will also attract foreign business back to these shores, further stimulating the economy and the jobs market.