Byers Says New Budget Will Encourage Innovation, Enterprise and Investment.


The Secretary of State for Trade and Industry, Stephen Byers, has today commented on the impact of this week’s pre-budget statement and urged British businesses to take advantage of the opportunities which it has presented.

Measures designed to help businesses have included the following:

  • Simplification of the VAT system, which it is hoped will cut down on administration and improve cash flow.
  • Removing restrictions on the number of employees who can be offered share options. It is hoped that this measure will result in the recruitment and retention of skilled staff.
  • Proposals have been made for improving the prospect of growing firms receiving venture capital. The aim is to help firms to develop new goods and services and to launch into new markets.


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