City lawyers have given the 2011 budget a “guarded welcome” with small tax relief measures included in Chancellor George Osborne’s speech today aimed at encouraging businesses to operate in the UK.
Most notably, UK businesses are set to benefit from a larger-than-expected cut to corporation tax, with rates to decrease to 23% in the next three years. The tax will be reduced by 2% from next month rather than the 1% previously intended and then fall 1% incrementally over the next three years, as the Government aims to stimulate growth in the UK economy.
