It reports on how the Government will be delivering support to business and
households to build strong, sustainable, growth whilst protecting the
frontline services that people in the South West rely on. These
measures include:
Supporting Business and Growth
Budget 2010 announces measures to strengthen regional, sub-regional and
local capability to support growth and inclusion, including:
- Temporary increase in the rate of small business rate relief to benefit
over half a million eligible small businesses in England
- A National Growth Capital Fund with a regional presence to ensure SMEs
across the South West access the finance it will provide.
- An increase in the threshold of the Annual Investment Allowance from
£50,000 to £100,000. This will benefit particularly the
manufacturing, transport/storage and construction sectors.
- HMRC will continue to offer the Time To Pay scheme: 31,300 arrangements
in the region allow businesses more time to pay tax.
- £120 million to fund Accelerated Development Zone pilots in
centres of growth, including combined authorities, in 2011-12.
- Collocation of RDA, HCA and Government Office to simplify the regional
tier
- A £100m fund to repair local roads following the bad weather,
and;
- An enhanced role for regional ministers (RM) to act as a champion for
growth, inclusion and public sector reform in their region.
Tackling Climate Change
Budget 2010 announces £60 million for infrastructure development, to
meet the needs of offshore wind turbine manufacturers looking to locate new
facilities in the UK. The wind energy industry employs around 5,500
people in the South West;
The previously announced £1.8 billion in funding for the low carbon
sector is now supporting the following projects: £50 million for
marine energy, establishing the South West as a marine energy hub,
including a new £22m fund for the early stage trial of six
promising marine energy technologies; and
This Budget also announces the Government's intention to create a Green
Investment Bank which will be UK wide, supported by up to £1bn from
the sale of infrastructure-related assets to boost investment in major
low-carbon infrastructure projects. This will potentially benefit projects
in the South West, including renewable energy.
Jim Knight, Regional Minister for the South West, said
"People and businesses in the South West are better off as a result of the
unprecedented action taken by this Government. This Budget goes further to
announce the next steps in securing the recovery and halving the deficit
over 4 years whilst protecting the frontline services that people of the
South West rely on."
