Chancellor George Osborne has released the UK Government’s Budget for the coming financial year, with a focus on encouraging the economic recovery by supporting small- and medium-sized businesses.
Labelled one for “makers, doers and savers,” the Budget is designed to boost UK small and medium businesses, particularly in manufacturing and export, through two avenues.
Firstly, the Annual Investment Allowance (AIA) will double to £500,000 to the end of 2015. The AIA allows businesses to claim 100 percent tax relief on investments in qualifying plant and machinery, up to a set threshold. This is designed to encourage smaller businesses to invest in order to grow, and prevent the tax costs of such investments holding back growth.
Secondly, a £7bn package to cut energy bills for British manufacturers has been announced, including capping the carbon price floor from 2016/17 until the end of the decade. The carbon price floor is a tax on fossil fuels used to generate electricity, designed to encourage development of renewable energy sources. In addition to saving UK manufacturers around £50,000 a year and helping them to compete better overseas, it will also reduce household energy bills for struggling consumers.
Mr Osborne said UK investment and exports were up, “but Britain’s got 20 years of catching up to do” to compete with overseas businesses. However, the chancellor declared:
“With the help of the British people we’re turning our country around. We’re building a resilient economy. This is a budget for the makers, the doers and the savers.”
The Budget has been well received by the manufacturing and export industries. John Cridland, director-general of the CBI employers’ group, said the Budget “will put wind in the sails of business investment, especially for manufacturers”.
He added: “This was a make-or-break budget coming at a critical time in the recovery and the Chancellor has focused his firepower on areas that have the potential to lock in growth.”
Recycling Lives supports local small businesses and entrepreneurs- having developed from a small scrap metal business, we know how important small businesses are in driving economic growth. That’s why we offer high quality, professional business incubators to start-up and developing enterprises to support their growth. These are far more than simple office spaces, providing a full business support package, utilising our extensive experience, to enable the business to succeed.
All businesses are welcome, but we are particularly interested in small and start-up enterprises, and those who benefit the community and the environment.
Recycling Lives has also taken steps into manufacturing, using base materials from our recycling operations. Utilising crushed glass as aggregate in place of sand, we have created an interlocking, dry-build concrete block. With a variety of uses our interlocking concrete block has been lab-tested for strength and environmental compliance