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Home > News > Budget Report 2010 for the South West

HM Treasury

Budget Report 2010 for the South West

Published: Thu, 25 Mar 2010 09:59:24

The Government’s objective is to build a strong economy and a fair society where there is opportunity and security for all.

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."

Internet links

Contact information

Communications Team
Corporate Services Directorate
Government Office for the South West
2 Rivergate
Temple Quay
tel: 0117 900 1788
fax: 0117 900 1909
email: SW-Communications@gosw.gsi.gov.uk

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