New Chancellor George Osborne has outlined a series of tax policies he will introduce at next month's emergency budget, while addressing business leaders at the annual CBI dinner.

Mr Osborne declared that the government will deliver on the Tory manifesto pledge "to stop most of the increase of the employer national insurance contribution in the coming budget".

He said the budget would also include a "five year road map" for corporation tax, claiming it was a priority of the government.

He said: "I can confirm that the final coalition agreement that we will publish tomorrow will commit us to lower and simpler corporate tax".

"Our aim is to create the most competitive corporate tax regime in the G20, while protecting manufacturing industries".

Finally, the Chancellor said he will announce a "substantial increase" in the personal income tax allowance at the budget.

Mr Osborne said: "I believe it is right that people on low and middle incomes should be helped through the tax system.

"This is why at the budget I will be announcing a substantial increase in the personal income tax allowance".

He went on, giving hints at where one of the coalition policy agreements was made: "Our longer term goal is to raise the allowance to £10,000, with real terms steps in that direction every year".