The Government published their “Plan for Productivity” on 10th July, aimed at increasing UK productivity growth across the next decade. Key topics in the plan of relevance to the sector include:
• A cut in corporation tax;
• reform of business rates, review to be completed by the end of 2015;
• an increase in apprenticeships through introduction of an apprenticeships levy for large businesses;
• introduction of a National Living Wage starting with an increase to £6.70 an hour in October 2015 and a target of over £9 an hour by 2020;
• greater focus on trade and exports and the building of stronger links with emerging markets including China, India and Brazil;
• further devolution to different areas and regions including the granting of significant powers to an elected mayor for Greater Manchester.
BBPA has produced a Parliamentary briefing on the plan and can be found below.