George Osborne today unveiled a Budget tailored to Britain’s manufacturing industry by promising to cut red tape, encourage small business investment, and improve exports.
The chancellor declared on Wednesday how he wished to trigger a fresh wave of UK manufacturing so that anywhere people went in the world, they could not fail to see the mark, “Made In Britain”.
His budget was focused on productivity with few specific references to retail, rates or the high street, Osborne said he wanted British industry to “outcompete” and “outsmart” the rest of the world. There was no mention of the current industry consultation around rating revaluations.
Annual investment allowance is being doubled to £500,000, and extended to 2015. It means 99.8% of businesses will pay no tax on investment, and will cost the taxpayers £2bn.
The government’s export finance guarantee scheme was doubled to £3bn, and interests rates were lowered.
He also unveiled a brand new pound coin, prolonged the £1,000 business rate discount for high street stores for another three years, and turned Class 2 National Insurance Contributions to self-assessment, which he promised would cut bureaucracy for independent businesses.
Compulsory National Insurance Contributions were dropped for employees under 25, and new funding for apprenticeships was introduced.