Budget 2012: Chancellor channels support to key sectors

Today’s Budget announcement contained packages of support for some of the UK’s essential industries.

George Osborne
George Osborne

Chancellor George Osborne unveiled major changes to the tax regime surrounding the oil and gas industry, including a £3 billion tax allowance for oil exploration projects in the Shetlands.

Osborne outlined an ambition to turn the UK into “Europe’s technology centre”. He also announced the establishment of a UK centre for aerodynamics and highlighted support for life sciences.

The Budget also included tax credit schemes for video game makers, animation firms and “high-end” TV production companies to encourage these businesses to stay in the UK.

In addition, the chancellor promised to make “major savings” in administration costs for businesses, cut the taxes applied to patents and changed how small companies are taxed.