PBR: Tax cuts to encourage enterprise
Gordon Brown has announced a series of tax cuts aimed at benefiting small businesses by encouraging enterprise in Britain.
In the pre-Budget report announced today, the chancellor said he would introduce tax cuts that would save Britain’s small businesses Pounds 1000 per year.
He added he would introduce a new flat rate for VAT and extend the 10p corporation tax band
The Patrick Carter Review, a paper on small businesses, will also be published and Brown said he was opening consultation to help this sector of the economy.
Brown said in Commons: ‘So – far from deferring our enterprise agenda – this is exactly the time to press ahead with supply side reforms to encourage new investment and higher productivity and it is now right that we take forward the measures on enterprise on which we have been consulting.’