The Budget helps business and enterprise

The Government is committed to business and enterprise. As well as a stable economic framework with low inflation and low interest rates, taxes on UK business are among the lowest of any G20 country.

The Budget takes further steps to improve the environment for business to grow and invest:

-the small companies rate of corporation tax will be cut from 24p to 23p helping 400,000 small firms to keep more of their own profits to invest as they choose;

-more than 1 1/4 million small properties (including 400,000 small shops) will have no increase in their rates bill next year;

-the VAT registration threshold will be increased in line with inflation

Words you may need:

lasting prosperity – тривале процвітання

sustained economic growth – стійке зростання економіки

inheritance tax – податок на спадщину

threshold – поріг

maintain – підтримувати

reinforce – посилювати

social security fraud – шахрайство в галузі соціальної безпеки

phasing out special reliefs and allowances - поступова відмова від спеціальних пільг та допомог

to be commited to – (тут) дотримуватися

to clamp down – придушувати, зменшувати

downward path – спадна тенденція

duty – мито

Inland Revenue – податкова служба

loopholes – лазівки

tax band – діапазон оподаткування

to tackle – (тут) братися (за вирішення чого-небудь)

b) Complete the following sentences:

1. The Budget boosts wage packets by ….2. The Government will spend more on the services ….3. The Government will also continue to clamp down on … 4. To maintain a world beating modern economy fit to compete in international markets, … 5. The Government is set to meet its target of reducing public spending to ….6. The Budget changes some indirect taxes: …7. The Government is committed to securing the tax base in order to ….8. The Budget takes steps to secure the tax base by: …

C)Complete the following prepositional phrases. Consult the text if necessary.

To phase ____ special reliefs; to spend more ___ the services; to improve the environment ___ business to grow; to go ____ from 5 Pounds to 10 Pounds; to increase resources ___ the Inland Revenue; to keep more of their own profits; to cut the duty ___ spirits;to clamp down ____ the costs of running business; to allocating funds ____ a competitive basis; to pay tax ___ the rate of only 20 per cent; to meet the target _____ reducing public spending; to take steps ____reaching this goal; to boost wages ____ 10%; to be commited ____ the same interest rate; to bring spending ____ to 5% against 8% last year; to expect an icrease ____ GDP; to go ___ rising year ___ year.

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