THE RACE TO ZERO:

Setting out her business strategy, the UK prime minister proposes in the Financial Times a pact with corporate Britain to work together to defend capitalism, free markets and free trade from populist attacks.

She promises to back business with a new industrial strategy that will include an extra £2bn a year by 2020 to support research and development.

Mrs May, who on Monday will address the annual conference of the CBI, Britain's biggest business lobby, says she wants the UK to become the world's "go-to place for scientists, innovators and tech investors".

Philip Hammond, the chancellor, will present his first Autumn Statement mini-budget this week and will announce more investment in road improvements, while Mrs May will tell the CBI that the government will support innovation through the tax system and deliver the "lowest corporation rate in the G20".

Corporation tax is already due to come down to 17 per cent in 2020 -- the lowest rate in the G20 -- but Mrs May's allies said Britain could drop the rate to 15 per cent if Donald Trump fulfilled his promise to cut US business tax to that level.

Mrs May is also planning to dilute one of her most contentious business proposals, that workers should be represented on company boards.

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