The level of business taxation is critical because it directly affects investment, employment and ultimately the prosperity of a nation. During this Parliament the main rate of corporation tax in the UK has been cut from 28% to reach 20% today, as suggested by the CPS. This means that the main rate of corporation tax and the small profits rate have now been unified into a single flat tax rate. It also means that the UK now has the joint lowest corporation tax rate in the G20. Lower corporation tax allows firms to retain more of their profits to pay wages and invest in new technology. Furthermore, despite the cut in the tax rate, the revenues from corporation tax have remained remarkably resilient throughout this Parliament.