Should we slash business taxes?

Tim's ponderings on Britain's relative decline reminded me of the case William Norton and I made a couple of years ago to cut corportation tax in half over the course of a Parliament.  This Centre for Policy Studies paper included a foreword written by the father of the Irish economic miracle, Charlie McCreevy, saying:

"countries cutting taxes - especially on business - see more inward investment, higher growth and higher tax revenues"

The case is that the reduction in the headline tax rate would be made up for by increased growth, investment and a fall in tax avoidance.  You'd need to be sure about the dynamic effects and affordability.  Yet at 15%, business tax is not really worth avoiding and there probably would be a scramble for multinationals to have their headquarters and more operations in the newly competitive UK. It would certainly put a lot more zip into things.