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Predictions and proposals submitted for Budget 2014

14 Mar 2014

With less than a week until Chancellor George Osborne makes his speech, various think tanks and business groups have submitted what they would like to see addressed in this year's Budget.

John Cridland, Director-General of the Confederation of British Industry (CBI), said: 'There are encouraging signs that business investment and net trade are on the up and now is the perfect time for the Government to get full square behind it, particularly in the case of smaller firms'.

In a recent press release, the CBI has proposed measures for the Budget including: an energy package which encourages investment; extending the Annual Investment Allowance for smaller firms; and incentivising longer-term equity investment through tax relief for retail investors.

Meanwhile, the Institute of Economic Affairs (IEA) has recommended abolishing the Budget and allowing relevant Government departments to make announcements on changes throughout the year.

The think tank also recommends abolition of free bus travel and TV licences along with the winter fuel allowance, in order to save 4 billion per year.

Mark Littlewood, Director-General of the IEA, said: 'It's high time the Chancellor grasped the severity of the choices the country faces. Tinkering is no longer enough'.

As the Budget speech draws closer, many more organisations will be submitting their proposals for the new financial year. However, it will not be until Wednesday that the Chancellor's plans are revealed to the nation.