The spritely Budget announced today by Chancellor George Osborne is to be applauded as an Enterprise friendly Budget. Mr Osborne alluded to the Asset Purchase Facility established by the Bank of England, and confirmed that it is to remain in place for the foreseeable future. A Select Committee recently weighing up the long and short term rates suggested that there is scope for the 'unconventional fiscal measure' when Mark Carney takes charge as Governor of the Bank of England. Those who can surmise the benefits thereof will know the good it will do, especially to the Housing Market. The Monetary Policy Committee will have the remit to maintain low and stable inflation. The Enterprise stimulant measures include : Research and Development Credits being increased to 10 percent. That's quite handsome, upto £100,000 per annum. Tax Free Loans from Firms to Workers up, to £10,000. Stamp Duty on shares traded on the A.I.M.s scrapped. Yes, true. Corporation Tax to be cut by 1 pc to 20 pc, making it one of the lowest in the world, from 2015. Tax Free Personal Alloance up to the first £10,000 per annum - meaning 3 million people will have to pay no tax at all. 20 percent of Child Care to be Tax Free on £6,000 for each child. Many will say Hurrah! This was George Osborne's spritely message to the nation today, that Britain is moving to lower and competitive tax rates, changing the poliicies which were set in the 1920s to be in tune with the world of the internet economy. (People in the developing world following 'Cambridge' policies with blinkers had best wake up). There will be an Enterprise Allowance for every business from 2014 of £2,000 in the way of not paying National Insurance contributions to that amount for employee(s). Useful saving for small enterprises, even engaging trainees on low pay. A true way to kick start the enterprise culture. Provided the banks faithfully lend to all qualifying customers without discrimination for the legitimate purpose of starting businesses and buying houses and vehicles, then this Budget will have paved the way to continued economic Recovery for Britain. I applaud Mr Osborne's faith in things not yet seen, things that are yet to be. Kind regards, Duru-darshan. |
