The Budget and Small Business

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The Budget and Small Business

A few points to sumarise the main affects the budget will have on business in the forthcoming year.

The salient points then:

  • RBS and Lloyds are to provide a total £94 million in business loans, with half of that being lent to small businesses
  • Firms who wish to complain about receiving unfair treatment re being refused loans will now have access to a Credit Adjudicator who will hear all complaints.
  • The Goverment will set up UK Finance for Growth to help expand the finance sector.
  • 15% of Goverment contracts are now guaranteed to go to small businesses.
  • A 50p tax on landlines will be brought in to help fund the broadband roll out.
  • The annual investment allowance has now been doubled to £100,000
  • Business rates will be cut for one year, starting in October 2010.
  • The Goverment pledges to pay 80% of all invoices to small businesses within 5 days.
  • The Goverment will now offer help to the computer games industry similar to that offered to the film industry.

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