[image]Small businesses and entrepreneurs have been targeted in this year’s Budget, revealed today, while child tax credit is set to increase.
Small businesses and entrepreneurs have been targeted in this year’s Budget, revealed today, while child tax credit is set to increase.
The Chancellor Alistair Darling announced a range of measures to help small businesses through the recession and a £4 a week rise in child tax credit for parents of one and two year olds from 2012.
He said there would be £2.5bn support for small business to boost skills and innovation and announced a doubling in relief on capital gains tax for entrepreneurs.
He also said that the business rate would be cut from October for a year which would help 500,000 businesses and that the investment allowance for small firms would be doubled to £100,000.
He announced savings through housing benefit reform, the relocation of civil servants and Whitehall “efficiency savings”, but said there would be no immediate cuts in public spending as this could affect the economic recovery. However, he said public spending cuts after 2011 would need to be the toughest for decades.
Full Budget report