Osborne brings in extra measures to help business

05 December 2012 by
Osborne brings in extra measures to help business

George Osborne has announced a series of extra measures to help businesses in the tough economic environment.

The chancellor used his Autumn Statement today to declare that the British economy was "healing" despite admitting that it was "taking time".

Despite the fact that the Office of Budget Responsibility predicted a 0.1% contraction in the economy this year, and higher-than-forecast debt levels, Osborne pointed to the creation of 1.2 million jobs in the private sector since the coalition Government came to office.

"Britain is heading in the right direction. The road is hard but we are making progress," he said.

To offer help to businesses, he revealed that the Government-created Business Bank, which is designed to leverage private lending to help small and medium-sized enterprises (SMEs), will receive an extra £1b in capital.

Meanwhile business taxes are also set to be cut further. The temporary doubling of the Small Business Rate Relief Scheme, which had already been extended to April 2013, will now last until April 2014.

From 1 January 2013 and for the next two years, there will also be a 10-fold increase in the annual investment allowance in plant and machinery, so that a £250,000 investment will now qualify.

Corporation tax, which the Government has already been reducing, will drop by another 1% to bring it to 21% by April 2014. Osborne compared this to the 33% rate in France and 29% in Germany.

And the planned 3p per litre rise in fuel duty planned for January has been cancelled altogether.

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

Tabletalk
Tabletalk
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.catererandhotelkeeper.com/tabletalk

Catererandhotelkeeper.com jobs

Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs

Blogs on Catererandhotelkeeper.com ](http://www.catererandhotelkeeper.com/blogs) Catch up with more news and gossip on all Caterer's blogs
[E-Newsletters](http://www.catererandhotelkeeper.com/email-newsletters.htm)[ For the latest hospitality news, sign up for our E-newsletters
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking