Budget 2014 Economic Growth
Published / Last Updated on 20/03/2014
Budget 2014 Economic Growth
The Chancellor's proposals for stimulating business and economic growth:
Corporation Tax
- Corporation tax falls to 21% in April 2014 before reaching 20% in April 2015. It is already 20% for smaller businesses.
- Chancellor claims these are the joint lowest rate corporate tax rates in the top G20 developed economic nations.
Employer National Insurance Allowance
- The introduction of the £2,000 Employment Allowance to grow and create jobs.
- From April 2014, every business and charity entitled to an annual “employment allowance” of £2,000 to reduce their liability for Class 1 secondary National Insurance Contributions (NICs).
Capital Allowances - to encourage development and spending withing businesses for growth
- Doubling the annual investment allowance to £500,000 until the end of 2015
Double the UK’s direct lending programme to £3 billion and cutting interest rates
Reduce the cost of long-distance flights for exporters and visitors to the UK by making air duty's uniform for long haul
Reduce business energy costs to encourage UK manufacturing by capping the Carbon Price Support rate at £18 from 2016-17 to 2019-20
£60 million to develop new technologies to support carbon capture and storage
Boost housing supply by extending the Help to Buy: equity loan scheme to 2020
Create a £500 million Builders Finance Fund to stimulate new homes building in addition to the new garden city in Ebbsfleet
£140 million of repair flood defences that have suffered damage in the recent severe flooding
£200 million to establish a potholes repair fund
Establish a new Alan Turing Institute for analysing and identifying useful insights in Big Data, and investing another £74 million over 5 years to support the commercialisation of novel technologies
Watch/Listen Budget Videos - 15 Videos Explaining the Key Points of Budget 2014
Budget 2014 Articles -
