2011 Budget: Support for Cornish business

The 2011 budget marks the continuation of the Government’s ambition to making the UK the best place in the world to start and grow a business.  Small businesses are at the heart of that vision.

Small businesses in Cornwall will now benefit from the following raft of incentives and support measures announced in the budget:

• ·         There will be an extra 1 per cent cut in corporation tax from April 2011, meaning that corporation tax will fall from 28 per cent to 26 per cent

• ·         There will an extension of the small business rate relief holiday until October 2012. More than half a million eligible UK businesses will continue to benefit from reductions in their bills. Around 330,000 businesses across Britain will pay no rates at all.

• ·         The Green Investment Bank (GIB) will get £2 billion extra, meaning it will have a total £3 billion of capital. There will be an extra £15 billion of private sector investment in green projects over the course of this Parliament. Much of this money will come to Cornwall, the ‘Green Peninsula’ and the home of some of them most dynamic renewable energy projects in the UK. 

• ·         The scrapping of stifling additional business regulations drawn up by Labour, and the simplification of the existing business tax system.

I am confident that combined effect of these measures will reduce the bureaucratic burden on businesses from Saltash to Sennen, and offer the financial support that will allow those businesses to grow.

The Government is putting the growth of small business at the centre of Britain’s economic recovery plan. Cornwall, a land of shop-owners, stallholders and technological innovators, will be at the very heart of this exciting push for growth.