Partner Article

Osborne delivers Budget to “unashamedly back business“

The Chancellor George Osborne has delivered his third Budget, in which he promised to “unashamedly back business,” and “reward hard work.”

Before setting out the Budget, Mr Osborne said Britain was expected to avoid entering recession.

He noted the OBR’s growth figure for 2012 of 0.8%; 2% next year, and 2.7 per cent in 2014.

He announced the Government’s aim to push UK exports to £1 trillion, with new plans to help small firms export, and a renewed focus on India, Brazil and China as the top foreign markets.

Improvements to train services between Manchester, Sheffield and Preston were teamed with a pledge not to ignore infrastructure investment in the North.

The Chancellor also said the tax system would be reformed to become simple, transparent and competitive for businesses anywhere in the world.

Research and development tax credits will be made available, particularly to encourage innovation spin outs from universities.

Elsewhere, tax credits for video games, animations and “high end” TV production companies were also promised.

Corporation tax will fall to 24%, while “major savings” in administration costs for businesses were outlined.

Many of the country’s lowest paid workers will be taken out of tax altogether, as the personal tax allowance will be raised to £10,000 by 2014.

Mr Osborne described aggressive tax avoidance as “morally repugnant” and pledged to do more crack down on this, teamed with closure of VAT loopholes and anomalies.

This was posted in Bdaily's Members' News section by Tom Keighley .