Chancellor unveils small business initiatives in 2013 Budget

20 March, 2013

Chancellor George Osborne reveals 2013 Budget

Chancellor George Osborne unveiled his Budget this afternoon, saying it was for people who "work hard and get on", as he a revealed a number of initiatives he claimed would aid small business.

Predicting the country would not collapse into a triple dip recession, he did however admit a recovery was "taking longer than expected".

His revised forecast is for the UK’s national debt to rise to 85% of GDP and not start coming down until 2017/18 - a year later than previously predicted.

Key measures introduced in the 2013 Budget included:

  • 450,000 small firms will pay no employer National Insurance, as the first £2,000 to be taken off all employers' bills

 

  • Cutting the level of corporation tax from 21% to 20%

 

  • Extending the Capital Gains Tax (CGT) holiday. Giving CGT relief for sales of businesses to employees.

 

  • Cancelling September’s fuel duty increase.

 

  • Increasing investment in infrastructure by £3bn per year from 2015/2016.

 

  • Government procurement from small firms to rise fivefold


For more details, see this week’s British Baker magazine (22 March).





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