Backbone of future growth
Alistair Darling said yesterday that small businesses provide the "backbone of future economic growth and jobs" and need better access to finance, improved procurement, lower taxes and more time to pay them.
The measures he announced included:
RBS and Lloyds to provide 94bn of new business loans, half of them to small and medium businesses.
Adult minimum wage to rise from the current 5.80 an hour in October.
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Hide AdNew growth capital fund to provide capital for fast growing firms.
Business rates cut for a year from October – meaning 345,000 will pay no rates at all.
Entrepreneurs' relief for Capital Gains Tax will be doubled to 2m on which the lower rate of 10 per cent will be taxed.
No increase in capital gains tax.
2bn green investment bank to provide equity to unlock private sector energy investment.