As is the case with any budget in recent times there is a mix of good and bad news for both consumer and business and the one delivered last week by the Chancellor was somewhat flat, (a bit like the 1p reduction in beer duty). This will do nothing to radically get the UK out of the economic woes for some years, with projections of better times past the next election. No matter who is in power politics appears to be more important than positive action.
There was good news for the increase in personal allowance for 2013/14 and the £10k allowance for the following year. The non addition of duty on petrol is not actually a saving to consumers who are consistently paying higher prices from the oil companies anyway.
For small businesses, the additional National Insurance relief of £2k on the hiring of new employees is a welcome move however this is not effective until April 2014. The move to a 20% corporation tax rate is good for larger corporate enterprises but does nothing for the rest of business. Other good news was the increase in annual investment relief for plant and machinery to £250k which reverses the decrease from last year and is effective for two years.
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