Introduction
A good Budget for business....unless you're a bank or an oil
company
Bill Dodwell, head of tax policy at Deloitte, comments on the
impact of the Budget:
Overall, it's a remarkably positive Budget unless you're
an oil company or a bank. However, there's even a small silver
lining for oil companies in that, perhaps counter intuitively, the
higher effective tax rate may actually make exploration projects
more viable.
Key measures of interest to everyone
There aren't any material changes to the Chancellor's
economic forecasts made in November 2010 – there's
still an enormous deficit that needs to be cut. On the plus side
though, there aren't any new spending cuts or tax rises. This
Budget should be neutral overall.
