Budget 2014: key points for entrepreneurs

George Osborne's rickety red briefcase is shut and the playground jeering in parliament is over, for a while. We know how hard it can be to catch all the important points for start-ups and small businesses amid the hysteria , so we've sieved through all the shouting during the 2014 Budget and pulled out the key points for entrepreneurs and small businesses.

  • GDP forecast to grow by 2.7% this year and 2.3% next year, then by 2.6% in 2016 and 2017 and by 2.5% in 2018.
  • The UK now has a higher employment rate than the USA - for the first time in 35 years.
  • All long-haul flights to carry lower rate of air duty currently charged on flights to US. To encourage businesses to export.
  • Lending for exporters doubled to £3bn and interest rates on that lending cut by a third.
  • Fuel duty rise planned for September will not happen.
  • Support for building of more than 200,000 new homes.
  • Grants for small businesses to take on more apprentices.
  • Every business in the country will get employment allowance.
  • Business rates discounts and enhanced capital allowances will be extended in enterprise zones for another three years.
  • The Annual Investment Allowance for companies will be expanded to £500,000 (at a cost of £2bn), until the end of 2015.
  • A £7bn package to cut energy bills for British manufacturers.
  • The government will extend the grant for small businesses to support 100,000 more apprenticeships.

If this has inspired you to act on a business idea or grow a current start-up, then we can help. We can provide funding and mentoring through Virgin StartUp. Take a look at www.virginstartup.org