There are fuller breakdowns here and here to link to just two, but here are the key points as we see them for the creative industries in the North West:
Bad news
• VAT will rise by 2.5% to 20% as laid out the government's strategy to balance its books within five years
• Planned games industry tax relief is cancelled
Good news:
• Corporation tax, currently 28%, to fall by 1p in the pound a year for four consecutive years until it reaches 24%
• New firms outside South-East/East to be let off employer national insurance contributions, up to £5,000, for each of first 10 employees recruited
• The tram expansion in Manchester will still progress
• Regional Growth Fund to provide finance for regional capital projects over the next two years
• The small companies' tax rate will be cut to 20%
We are available for comment on any of these, just ask our press office.
