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BIS Budget 2010 announcements

Smaller firms given budget boost

Small and medium-sized companies will benefit from a range of new support initiatives to help them invest and grow, the Chancellor outlined in the Budget today.

They include changes to support small and medium-sized enterprise (SME) investment, new sources of finance for innovative SMEs and a new adjudication service to help SMEs get fair treatment from their banks.

Business Secretary Lord Mandelson said:

“This is a budget for business, innovation and skills. It is a budget for jobs – both now and in the future. At its heart are SMEs, the real heroes of the recession and the backbone of the recovery.

For more detail on the initiatives for SMEs, read the BIS press notice here

Extra higher education places

The budget also announced a new £270m Modernisation Fund, which will provide and support 20,000 extra higher education places in 2010/11 and help institutions become more efficient.

The new places will comprise a range of degree options – full-time undergraduate, Foundation and part-time.

See this BIS press notice for more information 

BIS to make £300m in savings

The Department for Business, Innovation and Skills will deliver £300m in savings and contribute to the wider £11bn in savings being made across Government.

£120m in savings will be made in rationalisation and streamlining how the Department works with Arms Length bodies and other Government Departments. £180m will be saved from greater efficiencies in back office budgets and improved procurement.

Read more about BIS’ contribution to efficiency and savings here 

Useful links

Read about how BIS is driving growth in the UK with the ‘Going for Growth’ strategy.

New Industry New Jobs is BIS’ strategy to ensure our people and businesses are equipped to compete in the global economy.