UK budget: visa easing now, tax tightening later
Changes in the UK's points-based immigration system, which only came into effect at the beginning of January, have been unveiled by Chancellor of the Exchequer Rishi Sunak in his Budget speech on Wednesday.
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- UK firms' hiring plans at year-long high
To encourage an investment-led recovery, the chancellor said that, from April, a new "super-deduction" would be in force for two years and would cut companies’ tax bills by 25p for every pound invested in new equipment.He also announced the creation of eight new English freeports to be based in East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside.Additionally, in a bid to achieve the government's aim of 'levelling up' opportunities across the country, rather than being focused on London and SE England, he announced a Treasury 'campus' with 750 employees would be established in Darlington and a new green infrastructure bank, with initial funding of £12 billion, in Leeds.Also, the £375 million UK-wide ‘Future Fund: Breakthrough’ will invest in highly innovative companies - such as those working in life sciences, quantum computing, or clean tech - which are aiming to raise at least £20 million of funding.
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