Chancellor gives a helping hand to small businesses
BEER drinkers, house hunters and small businesses looking to take on an extra pair of hands were the winners of yesterday's Budget.
Chancellor George Osborne committed his fourth Budget to the House of Commons, claiming it was a Budget for an aspiration nation.
Exact details of the Budget had been leaked minutes before the Chancellor took to the podium by the Evening Standard.
The headline figures of the Budget spelled out good news for beer drinkers with duty on the drink being cut by a penny and the scrapping of a beer duty escalator.
Business Cards From Only £10.95 Delivered www.myprint-247.co.ukView details
Contact: 01858 468192
Valid until: Friday, May 31 2013
Mr Osborne said: "Responsible drinkers — and our pubs — should not pay the price for the problems caused by others."
The 2013 Budget also included incentives for small businesses to take on more staff after the Chancellor introduced an Employment Allowance.
He said: "The Employment Allowance will work by taking the first £2,000 off the employer National Insurance bill of every company." Mr Osborne claimed it would mean 450,000 small businesses will pay no jobs tax at all.
He added: "For the person who's set up their own business, and is thinking about taking on their first employee — a huge barrier will be removed."
The Government is to introduce tax-free childcare vouchers for working families with 20 per cent off the first £6,000 of childcare costs for each child.
Low earners are also set to benefit from the scrapping of income tax on the first £10,000 salaries from 2014.
The Chancellor also cancelled a planned fuel duty increase due for September and said: "Petrol will now be 13p per litre cheaper than if we had not acted over these past two years to freeze fuel duty."
Mr Osborne also announced a mortgage guarantee scheme which would help families who want a mortgage for any home they are buying but cannot afford deposits currently being demanded.
He said: "This will be available to lenders to help them provide more mortgages to people who can't afford a big deposit.
"These guaranteed mortgages will be available to all homeowners, subject to the usual checks on responsible lending."
Welsh businesses are also set to benefit from a further one per cent reduction in the main rate of corporation tax, bringing it to 20 per cent by 2015.