The chancellor has given details of his plans to help businesses survive the recession.
His main points to help businesses and employees are:
- Create more jobs for people of all ages
- £260m extra in training and subsidies for skills training for young people
- £250m this year and £400m next year for additional higher education places
- The total support provided by the Government will protect 500,000 jobs.
- Loss-making companies will be able to reclaim more taxes on profits made in the last three years.
- More help for firms with cash-flow problems
- Insurance top up cover for companies announced
- Will introduce a £2k scrappage scheme for old cars next month until March 2010 for cars over 10 years old
- Offering real support to businesses
- Extra support for people who lose their jobs - an extra £1.7 billion for job centres
- UK economy is expected to shrink by 3.5% in 2009, but will begin to grow by the end of the year.
- UK will suffer less than Europe and Japan
- VAT cut from 17.5% to 15% will continue until December
- Measures Labour has taken will protect 500,000 jobs.
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