Big Budget Boost For Norwich

The Chancellor has delivered his Budget to the House of Commons, pledging to "put fuel into the tank of the British economy".

George Osborne set out his ambitions for Britain: that this country should have the most competitive tax system in the G20; be the best place in Europe to start, finance and grow a business; become a more balanced economy, and have a more educated and flexible workforce.

The key measures announced in the speech were:

  • An extra 1% cut in corporation tax from April 2011, taking corporation tax from 28% to 26%
  • Setting up 21 new Enterprise Zones with up to 100% business rate discount, new superfast broadband and the potential to use enhanced capital allowances for zones with a strong focus on manufacturing
  • £2bn pounds extra for the Green Investment Bank, giving it £3bn of capital and enabling it to start operation in 2012
  • 50,000 additional apprenticeships, bringing the total funded by this Government to 250,000 over the next four years
  • A doubling of the University Technical Colleges programme to create at least 24 new colleges
  • A new £250m shared equity scheme, First Buy, that in England will help 10,000 first time buyers get on the housing ladder for the first time
  • Simplification of the tax system by consulting on options for integrating the operation of income tax and national insurance contributions and plans to scrap 43 tax reliefs
  • Support for innovation and manufacturing with an additional £100m this year for new science facilities.

 

Conservative Leader in Norwich, Cllr Andrew Wiltshire said: "This is great news for Norwich and Norfolk and everybody knows that this support will lead to good growth.  We, as a government, need to help people start up businesses, get into work and create opportunities."

Economic Spokesman, Cllr Eve Collishaw added: "Here in Norwich we want to go further, by opening up the portfolio of City Council properties to small businesses to give them a boost too.  We want to be an enterprise City."