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Business groups await 2014 Budget

19 Mar 2014

Chancellor George Osborne will today present his 2014 Budget, in which he is set to outline plans to bolster economic security and promote growth across the UK.

As the economy continues to show evidence of a sustained recovery, there is plenty of speculation about the measures that could be unveiled.

Following a recent series of positive economic reports, the Chancellor is expected to announce that the Government’s austerity plan remains on target, although further measures will be necessary to tackle the deficit.

Business groups have been calling for tax incentives to help boost UK firms and encourage investment, including an extension of the £250,000 Annual Investment Allowance, together with a review of the ‘outdated’ business rates system, and measures to reduce costs for energy-intensive industries.

Meanwhile, there is speculation that the Chancellor could announce a further increase to the income tax personal allowance, which is due to rise to £10,000 in April.

Other measures announced ahead of the Budget include the introduction of a childcare allowance of up to £2,000 per child for working families from 2015, an increase in the National Minimum Wage from October 2014, and an extension of the Help to Buy scheme.