Emergency Budget offers major boost to Edinburgh businesses

22 June 2010

Edinburgh West MP Mike Crockart has welcomed measures in today's Emergency Budget which will help businesses across Edinburgh.

The Emergency Budget, announced today by George Osborne in the House of Commons, has provided much needed help for businesses of all sizes across the UK.

Measures announced by the Government include:

• Elimination of National Insurance contributions up to £5000 for the first 10 employees in a start up company

• Reduction of the Corporation Tax rate by 1% in each of the next 4 years

• Reduction of the small company tax rate to 20%

• Re-instating favourable tax rules for furnished holiday lettings

• Establishment of a Green Investment Bank to help fund new green industries

Speaking after the budget statement, Mike said: "It is clear that the recovery from the recession must be led by growth in the private sector. It is Government's role to create the conditions necessary for such growth.

For Edinburgh, the return of tax rules for furnished holiday lettings will be a boon to the tourism sector and the reduction in National Insurance contributions will help start-up companies.

The Green Investment Bank will finaly help realise Scotland's potential for renewable energy.

This budget will offer a major boost to businesses across Edinburgh and the UK."