Budget promises economy-boosting measures
Chancellor of the Exchequer George Osborne has delivered the Budget 2011 with an emphasis on boosting the economy through reducing Corporation Tax, simplifying the tax system and exempting start-ups from domestic regulation.
The move has already led WPP chief executive Sir Martin Sorrell to announce his intention to bring the company’s headquarters back to the UK from Ireland to take advantage of the 2 per cent cut in Corporation Tax.
In a separate move, a three-year moratorium will be introduced exempting micro-businesses and start-ups with fewer than ten employees from domestic regulation.
Osborne also claimed he will simplify the tax system and says consultation will be held on integrating the operation of income tax and National Insurance contributions.
Meanwhile, positive discrimination in favour of sustainable development has been announced, a streamlined system for planning applications in general and fast-track planning for major infrastructure.
Plans were also unveiled to build a Technology and Innovation Centre, which will focus on ‘high-value manufacturing’.
In Osborne’s Plan for Growth document, published along with the Budget, there is confirmation of the establishment of a Creative Industries Council, reported in this week’s Design Week.
This will be a cross-sector organisation addressing finance, skills, export markets, regulation, IP and infrastructure.
Next week’s Design Week reports on Budget reaction from the design industry and leading design economists.
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