Expectations of a £15bn tax cut by the government have been played down, as the Bank of England confirmed Britain is entering a recession. The Times reports that Gordon Brown has shown his enthusiasm for tax cuts, especially China's four trillion yuan (£375bn) cut in business tax, but is said to be playing down suggestions that tax cuts in the UK could reach £15bn. In his annual Mansion House speech tonight, Gordon Brown is to urge world leaders to adopt a progressive approach and call for better co-ordination of fiscal and monetary policy in light of the global downturn. Tax cuts are expected to be announced in the Pre-Budget Report, including help for those people affected by the abolition of the 10p income tax band in April. Opposition leader David Cameron is said to be preparing to signal that the Conservatives are announcing tax cut plans to keep people employed, and the Liberal Democrats have claimed they would reduce taxes for lower paid people.