The IT industry is expected to receive a small boost from today’s Budget, with the Chancellor announcing plans to drive the creation of a raft of apprenticeships.
However, public sector bodies will likely come under fresh pressure to slash their Budgets, and warnings over inflation may dampen any hopes.
Chancellor George Osborne will announce this year’s Budget in the House of Commons at 12.30pm today.
Under business plans, some 50,000 apprenticeships may be created, according to reports, with technology, science and engineering expected to form a significant part of the efforts.
Next month, corporation tax falls to 27 percent, but further plans for rate cuts to as little as 24 percent may be announced.
Government departments will face renewed pressure to cut their costs, with the threat of departmental chiefs being hauled in front of a “star chamber” if they fail to meet budgetary cuts.
Elsewhere in the Budget, the personal annual income tax allowance is set to rise by £600 a year. Additionally, cuts to fuel tax are expected, plus the creation of a scheme to assist first time house buyers.
But continued inflation rises and cuts to public services are likely to make for a downbeat outlook.