P521ORACLE 521 Mon27 Jan C4 1711:09   IoD CALLS FOR  2p BASIC TAX CUT The Chancellor should cut the basic rate of income tax by 2p in his budget, the Institute of Directors says. And it wants Mr Nigel Lawson to pledge basic rate cuts of 1p or 2p in each of the following two years. The IoD, which puts its views to Mr Lawson on Tuesday, rejects the view that falling oil prices have reduced the chance of tax cuts. It says the drop will be compensated for by a fall in exchange rates and that tax cuts, financed by asset sales, could create 500,000 new jobs.  SKIING HOLIDAYS...........584