News details
Budget Summary
The Chancellor announced:
- A £2.5 billion one-off "Growth Package" to boost small business and promote innovation.
- A new £500 million Growth Capital Fund providing investments of £2-10 million for high potential businesses.
- The creation of UK Finance for Growth, a new body to oversee all government financial support for businesses
- £35 million to set up a University Enterprise Capital Fund to support spin-out companies and knowledge transfer.
- An extra £20 million for the Technology Strategy Board's Small Business Research Initiative, which helps SMEs win government contracts.
- The establishment of a £2 billion Green Investment Bank to support an overhaul of the UK's energy infrastructure and promote low carbon industries.
- Tax breaks and other assistance to help the computer games sector.
- A one year cut in business rates from October for 500,000 small firms.
- A doubling of investment allowances for small firms to £100,000.
26/Apr/2010