LONDON, April 30, 2012 /PRNewswire/ --
Corporation tax cuts and future infrastructural and transport projects could bolster employment opportunities in Manufacturing, Engineering and Energy sectors, says job site.
Last month the Chancellor of the Exchequer, George Osborne, delivered his latest Budget to the House of Commons, which revealed numerous tax cuts, an obstinate commitment to deficit reduction, and a promise to increase business-focused investment throughout 2012 and beyond. All encouraging stuff, says reed.co.uk, but how will the budget announcements affect short-term job growth across industry sectors in the UK?
Firstly, the Chancellor announced that over one million more jobs would be created in the UK over the next five years. (This projection was based upon the Independent Office for Budget Responsibility's economic forecast, which estimated sustained growth over the next four years.) Yet it was Mr Osborne's commitment to small business growth and infrastructural re-development, which reed.co.uk believes could consequently boost the amount of job opportunities created in 2012.
The job site believes thousands of manufacturing, engineering and energy jobs could become available across the UK, after the chancellor supported planned infrastructural projects in the North-west of England; 'major changes' in tax packages to boost oil and gas exploration in the North Sea, and an overall reduction in corporation tax (by 1 percent to 24% from next month) to aid small business growth.
It's hoped planned upgrades to the TransPennine rail service will yield jobs in Manchester, Sheffield and the surrounding area, after Network Rail were given the green light to upgrade several rail routes in the North-west of England.
However reed.co.uk believe the most encouraging announcements concerned the government's commitment to business development and growth, with a plan to cut corporation tax by 1% next month and to invest a further £270m in to the Growth Places fund, which aims to boost economic growth and create further job opportunities in local areas.
"We hope the government's plan to invest an extra £270m into local economic growth will create thousands of job opportunities right across the UK," said a spokesperson for reed.co.uk. "However, the cut in corporation tax will not only continue to support reported business development, especially for those in the Manufacturing and engineering sectors which have been creating more job opportunities in recent months; but also includes measures to review the tax system to aid smaller businesses."