‘Huge’ £6bn of new funds needed to help businesses hit by Brexit
The government has committed to funding 100,000 new jobs over the next four years by reducing corporation tax to just over £10 a week.
The first £100m of the new money will be given to the UK’s largest firms, with the rest allocated over the first two years to boost productivity and create thousands of new jobs.
However, the government is also aiming to get the rest of the money into companies’ pockets through tax relief, making them more attractive for companies.
The government says the new jobs are needed to provide a boost to business and create more investment for UK businesses and consumers.
“The UK economy is facing challenges and we need to do everything we can to boost its competitiveness,” said Boris Johnson, the Mayor of London.
“We’re doing that by giving companies the chance to attract investment by giving them a tax break.”
By doing so we are helping businesses to build up and invest in Britain, which will ultimately benefit the UK economy and the wider world.
“The new funding will be targeted at the following sectors:GMC, one of the UKs biggest companies, is set to receive £10.7bn in a new grant of £6.6bn over four years to help the company create more than 500,000 jobs.”
In a world where Britain is in the midst of a global economic crisis, the future of our businesses and of our economy is inextricably linked,” said Chief Executive, Jim Fitzpatrick.”GMC’s continued investment in our business will enable us to continue to deliver the best possible value to our customers, suppliers and suppliers’ customers.
“A total of £4.3bn will be allocated over three years to the British Chambers of Commerce, the Royal Institution of Chartered Surveyors, the UK Trade Union Confederation, and the British Retail Consortium, to help create 1.8m new jobs in the UK.
More money is also on the cards for the Bank of England, the Financial Conduct Authority and the Bank for International Settlements, to boost the economy.
The chancellor is also committing to spending £400m to help small and medium-sized enterprises, and more than £3bn for companies and organisations.”
This will allow businesses to start to create more jobs,” said Mr Johnson.”
It will also help to increase demand in our country for British-made goods and services, and make it easier for British businesses to access the world’s best talent.
“I am pleased to announce a further £2.5bn in additional spending to help companies meet their commitments to invest more in Britain.”
The Government has also announced plans to spend £250m on a new pilot scheme for businesses to offer new apprenticeships, which could see more than 1,500 new jobs created over four months.
The scheme will be overseen by a new department called the British Business Development Authority (BBDDA), which will work closely with businesses to ensure they have a high level of expertise and experience in recruiting and training apprentices.