21 March 2012
Reforms to support growth
The Government has set out its plan to put the UK on a path of sustainable, long-term growth.
As part of this, The Plan for Growth, Autumn Statement 2011 and The National Infrastructure Plan 2011 announced a wide-ranging programme of over 250 economic reforms and investment in infrastructure.
Significant progress has already been made on these reforms. In addition, the Government will:
- Take forward many of Alan Cook’s recommendations for the roads, including developing a national roads strategy. The Government will also consider whether to go further and carry out a feasibility study into new ownership and financing models for the national road network;
- Confirm selection of Belfast, Birmingham, Bradford, Bristol, Cardiff, Edinburgh, Leeds, London, Manchester and Newcastle to become broadband super-connected cities, as part of the £100 million investment announced at 2011 Autumn Statement. £50m will be used to fund a second wave of cities.
- Support the establishment of a new Pension Infrastructure Platform owned and run by UK pension funds, which will begin its initial £2 billion investment in UK infrastructure by early 2013.
- Relax Sunday trading laws during the Olympics and Paralympics, to allow retailers to make the most of the occasion;
- Accept the Low Pay Commission’s recommendation for a below inflation increase of the National Minimum Wage to support employers and help protect jobs;
- Improve and reform the Enterprise Management Incentive scheme which helps SMEs recruit and retain talent, by providing additional support to help start-ups access the scheme and more than doubling the grant limit to £250,000, subject to State Aid approval;
- Introduce corporation tax reliefs from April 2013 for the video games, animation and high-end television industries, subject to state aid approval; and following consultation:
- Publish a strategy for gas generation in the Autumn, recognising that by gas-fired electricity generation will continue to play a major role in UK energy supplies for the next decade and beyond.
- Introduce a package of tax measures to secure billions of pounds of additional oil and gas investment in the UK Continental Shelf;