Entrepreneurship Likely to be Key To Budget on 23 March

March 7, 2011 - PRLog -- It is clear to us that measures need to be taken by the Government in the forthcoming budget in just over 2 weeks, which are tax friendly and that will generate further impetus in the buy let mortgages and commercial market.

The construction industry alone employs nearly 1 million people and is an essential element of the UK economy. It is estimated that for every £1 spent in the industry, it generates a return of 238% in economic activity and it is hoped the Government will highlight this area within its current drive of promoting entrepreneurship announced by David Cameron over the weekend.

His call is based on the premise of moving the UK economy away from its reliance on the City of London and the State and we expect major proposals for new start businesses within the Budget shortly to be announced.

The Royal Institution of Chartered Surveyors (RICS) has recently entered the debate and made representations to the Government and proposed a number of changes to the tax system aimed at encouraging residential property investment.

In its pre-Budget submission, RICS has urged the coalition to take action to encourage growth in the housing and commercial property sectors. Cutting VAT on the refurbishment of homes and reinstating empty commercial property rate relief as well as cutting and reducing carbon emissions are amongst some of the proposals put forward by the organisation.

Mark Goodwin, RICS director of external affairs commented that "This Budget provides the Government with a chance to encourage growth and innovation in construction and property, providing much needed jobs, tackling the housing shortage and ensuring that businesses have a continuing supply of high quality premises."

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