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Latest News A Breakdown of the 2015 Budget: Tech Focused

July 9th 2015

TechCityNews have published a recent article on government policies that should arouse anyone in the tech sector. Although a lot of the policies have already been mentioned and are purely re-asserted spending commitments, they’ve broken it down and made the latest bout of announcements relatable to job creators in the tech sector.

A Breakdown of the 2015 Budget: Tech Focused

Highlights Include:

  • Corporation tax rate will be cut from 20% today to 19% in 2017 and 18% in 2020
  • Annual Investment Allowance for SMEs will be set at £200,000 starting in January 2016, a reduction from the current £500,000 level.
  • The government will provide seed funding to the Cabinet Office to work with departments on a “series of innovative business cases to inform the next Spending Review”. The government wants to create redesigned, user-friendly public services, “fit for the digital age, as well as delivering efficiencies”
  • The government says it will deliver on its science capital commitment made in 2014 to invest £6.9bn up to 2021 in infrastructure to “investigate the great challenges of today, whether domestic, international or in space”
  • The government is also encouraging universities to strengthen local collaboration and will continue to reward proposals that build on regional strengths, including through funding streams such as the Research Partnership Investment Fund. Further details on this will be laid out at the Spending Review
  • The government will introduce a levy on large UK employers to increase the number of apprenticeships by 3m, with the budget controlled by employers. Details including rates and implementation will be set out in the Spending Review
  • Building on the Northern Transport Strategy that was published by the government and Transport for the North (TfN) earlier this year, the government is committed to transport devolution in all of the country’s city regions that elect a Mayor, as well as across the counties, including overseeing the rollout of Oyster-style smart ticketing systems
  • The government “has a clear plan of reform, renegotiation and referendum, to make the EU a source of growth, jobs, innovation and success… The single currency is not for all member states in the EU, but the single market and the EU as a whole must work for all”

To read the full article by Kristy Styles visit TechCityNews.com.

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