Darling pledges small firm support in Budget
24th March 2010
Chancellor Alistair Darling has unveiled a range of measures to support small businesses as the UK looks to recover from the recession.
In the final Budget before the forthcoming general election, the chancellor announced a one-off GBP 2.5 billion growth package to help entrepreneurs and small firms, boost investment in national infrastructure and support key skills.
'This package will be paid for by switching spending from within existing allocations and the extra proceeds from the tax on bank bonuses - in line with a Budget that is balanced over the period,' he explained.
Mr Darling also revealed that a new national investment corporation - UK Finance For Growth - will streamline the support offered to small firms and oversee the GBP 4 billion of funding support set aside by the government for businesses.
In addition, the Budget contained plans to increase the number of government contracts which go to small companies by 15 per cent, in the hope of creating an extra GBP 3 million in business for the sector.
Responding to the Budget, Conservative Party leader David Cameron said corporation and small business taxes should have been reduced and criticised the government for not doing enough to tackle the country's public spending deficit.