Chancellor George Osborne’s budget, delivered this afternoon, has revealed a number of measures that will and could impact on business in the cycle trade, including tax cuts and funding pots.
- The Chancellor has announced tax incentives for manufacturers of ultra-low emission vehicles. He didn’t go into specifics, but it’s likely the Chancellor is overlooking bicycle manufacture in that category.
- Osborne has announced that he will be launching a single competitive funding pot for local enterprise.
- Corporation tax has been cut to 20 per cent which is, according to Osborne, the lowest in the world for a major economy.
- As was predicted by many, the forthcoming fuel duty has been postponed, a move that won’t please the likes of Sustrans, but will not be unwelcome to bike businesses transporting goods around the country.
- National Insurance bills will be cut for small businesses, with an Employment Allowance – so the first £2,000 will be taken off national insurance paid by every company