Business can breathe a sigh of relief following the latest statement from the Chancellor, with a package of measures designed to stimulate UK plc.
The Spring budget was delivered against the gloomy backdrop provided by the Office for Budget Responsibility, which downgraded the 2013 growth prediction it had issued last December, down from 1.2% to 0.6%.
The headline-grabbing measures of the Budget included bringing forward the raising of the personal tax threshold to £10,000 from April 2014 and the axing of the planned September 3p increase in fuel duty.
But all commentators agree that the task of the Chancellor was to deliver a budget for growth, so it was not surprising that the focus of George Osbornes Spring Budget 2013 was on measures aimed at stimulating business in Britain through changes to business taxes.
The Chancellor announced a shared equity scheme which will provide up to 20% of loan finance to purchasers of new homes. This is intended to tackle the problem of housing shortage across the UK. It will also help people to get on the home-ownership ladder and stimulate the construction industry.
And theres further good news for the construction sector with an injection of £15bn for new road, rail and construction projects promised by 2020, starting with £3bn in 2015-16.
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