Broken maths

21 November 2008 By Pierre Briancon

Russia s prime minister tried to soothe his countrymen s anxiety over the crisis with a package of tax cuts and reassurances on continued state investments. But even a superleader couldn t do it all, with falling oil prices, slowing growth and shrinking reserves.

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Vladimir Putin, Russia's prime minister, on Thursday said the government would cut corporate tax rates to 20% from 24% in a bid to help companies weather the crisis.

Speaking at ruling party United Russia's congress, Putin also said the government would stick to its ambitious spending plans for the in health care, education, roads and electricity transmission lines, under its longterm strategy until 2020.

The corporate tax cuts would amount to E15bn for the state budget. The government had already pledged $200bn to shore up the economy, support share prices and provide banking liquidity.

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