Photo Credit: Images of Money; Creative Commons
George Osbourne recently released his latest budget information. The Nation Farmers Union have looked at how this will affect farmers. The rate Annual Investment Allowance has been raised, doubling it to £500,000 but this has only been extended until 2016. Grants for apprenticeship s have also been extended which will hopefully give many a furtute career in agriculture which would have been otherwise out of their reach.
NFU President, Meurig Raymond said: “Despite the reasonably good news on the investment allowance for plant and machinery, any incentives for capital infrastructure investment were sadly lacking in today’s budget. This is all the more frustrating given that few farming businesses are in a situation to benefit from the continued reductions in corporation tax. While the Chancellor talks about adding resilience and balance to the economy, farmers need to invest in capital items, and not just plant and machinery.”
Read the full report form the Nation Farmers Union about the 2014 Budget here.
Farming – NFU – Budget Report