This week, the Chancellor of the Exchequer, George Osborne, presented his final budget before the election on 7th May 2015.
Unsurprisingly, it was an overtly political speech, light on measures but heavy on statistics setting out the Government’s successes for the past 5 years. Most of the detailed policies to be introduced were set out alongside the Autumn Statement in December 2014. Some of these will be rushed through before the election and some may find their way into a post-election Finance Bill “number 2”.
Good news for the local economy included reference to the “Northern Powerhouse” which is intended to rebalance the economy away from London and the South East and in favour of the North. Extending the existing Enterprise Zones, and the creation of a new technology enterprise hub in Sheffield, expected to be in the digital quarter around the station, should also boost the local economy.
Further help to manufacturers came with the Government plan to double the financial help available to UK businesses seeking to trade with China and the eastern economies and improving links with emerging economies through an expanded UKTI. Hopefully, businesses in our local area will grasp this help and expand into these new and exciting markets.
The Chancellor was refreshingly cautious on pre-election giveaways, preferring to keep on the austere path he’s been forced down since coming to power in 2010, and it is hoped that whoever wins the election keeps the public finances in order to reduce the budget deficit and overall national debt.
Given the timing of the election this is very much a “wait-and-see” budget and we look forward to seeing what the new Government, whatever the colour, will introduce in the summer.
Click here for a full copy of the budget summary notes
Scott Burkinshaw
Scott is Tax Partner at Shorts, specialising in providing strategic corporate and personal tax advice.
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