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Wednesday, 23 March 2011

Budget for Growth?

George Osborne has delivered his 2011 "budget for growth" with no real surprises. However it needs to be growth centric with the 2011 growth forecast downgraded from 2.1% to 1.7% and 2012 forecast also down from 2.6% to 2.5%, Inflation set to remain between 4% and 5% in 2011.

The main thrust of the budget has been to try and reduce the burdens on business so they can deliver growth and jobs. Corporation tax will be reduced by 2% instead of the expected 1% and there are a raft of measures to try and ensure that small businesses are not strangled by red tape and complex tax affairs.  Mind you we have heard the one about red tape a thousand times before.... Business rates relief has been extended and the creation of 21 enterprise zones will probably help the regions.

There has been the usual tinkering with investment schemes and reliefs but all in all it may be that "events" in the global economy and outside influences such as commodity prices will have the bigger impact on the UK economy than Osborne's Budget. 

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