Budget 2010: Small business boost as rates slashed for a year

Business rates will be cut for one year from October, meaning a tax reduction for 500,000 small firms in England, Chancellor Alistair Darling announced in today's Budget. A new investment corporation - called UK Finance For Growth - will oversee the Government's £4bn range of support for businesses and help them negotiate the bureaucracy involved. Darling says he will continue the restructuring of the banks to encourage greater more competition and more lending to SMEs, and has asked the FSA to speed up licensing processes for new banks. This will involve the launch of a new Small ...