The Chancellor of the Exchequer has revealed the budget for 2012, which includes a number of measures designed to boost business in the UK and double its export capacity.
To do so, Mr. Osbourne has increased the availability of finance for small and medium businesses with the National Loan Guarantee Scheme, which was unveiled yesterday and earmarks around £20 billion to be loaned to SME’s with interest rates that are one per cent lower than is usually available.
In addition, corporation tax is to be reduced to 24 per cent, with further reductions to 22 per cent in later years, and a new simplified tax return system is to be implemented for those businesses with a turnover of less than £77,000 per annum.
Specifically to the IT industry, the Government is to introduce tax breaks for creators of digital content, including video games, animation and film studios.
As well as this, taxes will be reduced and investment increased for medical research and aerospace companies; funding will be introduced for the deployment of superfast broadband in the top ten UK cities with a smaller amount set aside to do the same in smaller cities.