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Chancellor uses Budget to talk up investment in verticals

Simon Quicke

The Chancellor has outlined plans to create the conditions to encourage business to invest pledging in his Budget to plough spending into infrastructure and to back key industry sectors that should deliver growth.

The creative media sector, along with science and pharmaceuticals, came in for special mention from George Osborne as he looked to expand vertical specialisms in the UK beyond just the City.

"[We will be] backing industries like creative media to create a more balanced economy where financial services are strong but not the only string to our bow," he said.

He pledged that the UK would become Europe's technology centre and taxes on patents would be cut.

Osborne added that the situation in the eurozone area remained a significant risk along with the potential of a spike in oil prices.

One of the changes to the tax system for smaller firms, designed to make life fairer, is to levy the amount of cash passing through the business, rather than use some of the more complex methods used to calculate what's owed by larger businesses.

He still expects to be able to reduce borrowing, slightly faster than originally forecast, but he said the government would not risk derailing its own targets to reduce debt levels.


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