Small businesses get boost from Osborne's budget

Corporation tax will be cut to 20%, one of the lowest rates of any major economy in the world. National Insurance for employing under 21s or young apprentices will also be scrapped. Osborne also said Britain’s 5 million strong army of self-employed workers would benefit from an abolishment of Class 2 National Insurance contributions.

A review of small business rates was also announced.

John Allan, chairman of the Federation of Small Businesses, said:

“The review is long overdue. It must deliver tangible benefits to businesses and not end up as just another report that sits on the shelf.”

Osborne said:

"Businesses, like people, want their taxes to be low. They also want them to be simple to pay. We set up the Office of Tax Simplification at the start of this Parliament and I want to thank Michael Jack and John Whiting for the fantastic work they have done. To support five million people who are self-employed, and to make their tax affairs simpler, in the next Parliament we will abolish Class 2 National Insurance contributions for the self-employed entirely."