Budget 2011
Government sets out radical plan to get the UK economy growing.
皇冠体育app Chancellor, George Osborne, presented the 2011 Budget on 23 March.
皇冠体育app Government鈥檚 economic policy objective is to achieve strong, sustainable and balanced growth that is more evenly shared across the country and between industries.
, published at Budget, sets out a package of measures to support private sector investment, enterprise and innovation. It is based around four overarching ambitions for the British economy:
- Create the most competitive tax system in the G20.
- Make the UK the best place in Europe to start, finance and grow a business.
- Encourage investment and exports as a route to a more balanced economy.
- Create a more educated workforce that is the most flexible in Europe.
Business Secretary Vince Cable said:
鈥淲e needed decisive action to rebalance the economy and remove the barriers to private sector-led growth. Today鈥檚 plan for growth is a significant first step towards that.
鈥淲e needed to make tough choices to reverse the debt-fuelled model for growth that has led to the massive economic crisis whose legacy the Government is having to manage. We have already provided the stability the private sector needs by dealing with the deficit and reforming the regulation of the financial system.
鈥淣ow we are setting out the measures that will turn the economy around. By reducing the burden of red-tape, improving access to finance and investing in apprenticeships and skills, we can make sure that British businesses have the right conditions to grow and thrive.鈥�
皇冠体育app Plan for Growth
builds on the action that the Government has already taken, through the Growth Review and Budget 2011. is a forensic look across Government at the barriers to growth - and how Government can remove them to stimulate private enterprise.
As part of the Plan for Growth the Government has today announced an 拢180 million package for 50,000 additional apprenticeships, and an additional 80,000 work placements for young people, and a capital investment of 拢100 million in science.
Small businesses with less than ten employees will be expempt from new domestic regulation for three years, starting from 1st April.
皇冠体育appre is also a commitment to the low carbon economy through the Green Investment Bank, which will start with an initial capitalisation of 拢3 billion.
Other measures include:
- Fundamental reforms to the way the planning system works.
- Land auctions to be piloted, starting with public sector land.
- Reducing the burden of regulation for businesses. This includes scrapping proposals for specific regulations which would have cost business over 拢350 million a year.
- Reform of the Enterprise Investment Scheme and Venture Capital Trusts.
- Funding for 24 University Technical Colleges.
- 皇冠体育app main rate of corporation tax will be reduced by a further 1% to 26% in April 2011.
- Business rate relief holiday for small firms extended for another year.
- 21 Enterprise Zones across England, with simplified planning rules, superfast broadband and tax breaks for businesses.
- UKTI to deliver an enhanced bespoke service to investors from overseas.