IoT and faster broadband get Budget backing

In his last budget before the election the Chancellor George Osborne accepted that more needed to be done to improve the national broadband infrastructure

In his last Budget before the general election in May the Chancellor George Osborne set out a vision of the economy that he hopes will appeal to businesses with just 50 days to go until the poll stations open.

Speaking of how the economy was recovering and growth and jobs were both heading in the same direction Osborne said that "Britian is walking tall again" and growth would hit 2.5% and unemployment would fall to 5.3% this year.

Osborne said that as a result of the improving economy living standards, one of the main planks of Labour's election campaign, were up and would be higher this year than they were back in 2010.

He also called an end to austerity measures a year ahead of the previous plan from 2019, as a result of a combination of factors including the payback from the sale of the banking assets that were picked up by the taxpayer at the height of the recession.

Specifically on the business front the government increased the national minimum wage as it headed towards hitting a level of £8 an hour by the end of the deacde and added that it was putting more support around apprenticeships.

He also made moves to close tax loopholes to try and crack down on those firms, which have included several large technology players, that played the system to avoid paying tax."This country's tolerance of those that will not pay their full share of taxes has come to an end," stated Osborne.

The government also outlined plenty of investment in the transport infrastructure and regional support to ensure that areas outside of the South East had the chance to grow, with particular reference to the tech industry in the North East.

Osborne also said that the government would be investing in the Internet of Things and it would continue to transform the broadband infrastructure and it would use up to £600m to clear spectrum to improve mobile networks and would provide more wi-fi in public buildings.

He added that it wanted to get broadband speeds of 100mpbs to almost all the homes in the country, "so Britian is out in front".

Corporation tax would be coming down to 20% in a fortnight and Osborne said any increase would be "job destroying" and it would also be abolishing national insurance contributions for under 21s and young apprenticeships.

"Businesses large and small have asked for a major review of [high street business rates] and this is what we will do," he added.

The political budget included plenty of swipes at Labour and at the idea that the UK had been lagging behind other countries in exiting the recession with Osborne outlined ambitions to be a major global player.

"Within 15 years we have the potential to overtake Germany and have the largest economy in Europe," he added that it wanted to make Britain one of the strongest economies globally.

The Labour leader Ed Miliband said that the Budget would not be believed because the government was not trusted.

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