Budget 2011 – Plan for Growth

Wednesday, 23 March 2011

The Government’s Plan for Growth, published 23 March 2011, sets out a package of measures to support private sector investment, enterprise and innovation, including within the care sector.

Proposals for the care sector include:

  • Taking forward ‘a range of measures to encourage innovation in NHS procurement’ including committing an additional £10 million from the Department of Health over the next two years on Small Business Research Initiative competitions that address healthcare challenges.
  • Taking forward ‘a package of measures to improve the take up of assisted living technology’ through an £18 million investment programme across a range of UK sites.
  • Stripping out regulations that were never meant for the social care market and are preventing market entry and flexible services’ including through clarifying rights and responsibilities with regard to the employment and tax system for those using and receiving Direct Payments.

Other measures include:

  •  £180 million package for 50,000 additional apprenticeships, an additional 80,000 work placements for young people and a capital investment of £100 million in science. 
  •  Small businesses with less than ten employees will be exempt from new domestic regulation for three years, starting from 1st April. (Companies of fewer than 250 will remain exempt from the Right to Request Time to Train)
  • A commitment to the low carbon economy through the Green Investment Bank, which will start with an initial capitalisation of £3 billion. 
  •  Reform of the Enterprise Investment Scheme and Venture Capital Trusts
  • Funding for 24 University Technical Colleges.
  • The main rate of corporation tax will be reduced by a further 1% to 26% in April 2011.
  • Business rate relief holiday for small firms extended for another year.
  • 21 Enterprise Zones across England, with simplified planning rules, superfast broadband and tax breaks for businesses.

Further information about the Plan for Growth can be viewed here: http://www.bis.gov.uk/news/topstories/2011/Mar/budget-2011