smallbusiness.co.uk: Helping your business think big

Chancellor Alistair Darling may have pledged to ‘invest and grow our way out of the recession’, but there wasn’t much to cheer for small business-owners in the 2009 Budget.

While Darling pledged to extend to 2010 help for loss-making companies which can reclaim taxes on profits made in the last three years, many owner-mangers will be feeling decidedly short changed.

However, companies operating in the advanced manufacturing, digital and bio-tech sectors will be encouraged by Darling’s decision to set up a £750 million investment fund for emerging technologies.

The chancellor also pledged to reduce carbon emissions in the UK by 34 per cent by 2020. He said there will also be an extra £1.4 billion for the cleantech and energy efficiency sectors, comprised of £525 million for offshore wind farms, £435 million for energy-saving measures for homes and businesses, and £405 million for ‘advanced green manufacturing’.

‘We will replicate the success of the UK’s oil and gas industries in the renewable and low-carbon sector,’ he said.

In a move to stimulate the construction industry, the chancellor also made available £500 million of additional finance to help housebuilders borrow to build more homes.

Darling said the UK economy is expected to contract by 3.5 per cent this year, but he remains ‘confident in recovery for the UK economy’, forecasting growth of 1.25 per cent in 2010.

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