Tuesday, November 25, 2008

News: Regional minister welcomes Pre-Budget report


The Government has published a Pre-Budget report that describes the next steps the Government is taking to support the economy, business and households through the current difficult economic climate and maintain economic stability in the long-term. Included in the £20bn package is action to help businesses respond. In the short term this inlcudes a new Small Business Finance Scheme, a new HMRC Business Payment Support Service, more generous tax relief for businesses now making losses and the the modification of a number of planned tax reforms. Longer term actions include a package of reforms to the taxation of foreign profits, measures to enhance SMEs’ access to government contracts and a set of economy focused devolutionary proposals, to be agreed with local authorities in city-regions. Further actions were aimed at those facing redundancy and seeking employment and £3bn of capital spending will be brought forward. The £3bn covers a number of sectors including transport, housing and regeneration, health and education, and the environment. This package will support different industries and jobs across the country. Rosie Winterton, Regional Minister for Yorkshire & The Humber has welcomed the Government's Pre-budget report. She said: "In our region, we know that our success is dependent on strong and vibrant businesses of all sizes. The Chancellor has put together a dynamic package through finance, tax and support that will help our local businesses come through the current uncertain times."


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