UK Today News: The UK budget on Wednesday, March 23, 2011, revolved around business competitiveness to recover from its slow economic slowdown. It tried to lure foreign investment with a 2% Corporation Tax Cut and on the domestic front, the budget planned to give a yearlong extension of a tax break to small businesses.
Other perks include an equity program for first time home buyers and funding for extra 40,000 apprenticeship places.
Treasury chief George Osborne’s business-friendly budget had a lot of goodies to offer like business tax cuts, personal tax cuts, fuel duty cut, lower business rates to almost all except the Oil and Banking Companies. Instead Oil and Bank companies will be taxed further to cover up for the tax cuts being awarded to the common man.
Compared to other industralised countries, Britain has yet to fully come out of recession and this budget was the much needed boost to its economy. With rising costs, higher inflation growth may be slower than expected but on the whole, Britons stand to gain by this budget.
The UK once again seems to calling young entrepreneurs and foreign investors, as this was one of the main highlights of this years’ budget. At the same time, some relief for Britons came with the 1 pence cut in fuel duty which came into place on Wednesday, but then there is also a new “car tax”.
Are the Brits happy with this year’s budget?