Category: Finance for Contractors

The chancellor's pledges to aid entrepreneurs such as freelance contractors and small firms have been welcomed but described as "a little bit vague".

In his 2010 Budget speech, Alistair Darling detailed an agreement with banks for £94 billion of new business loans and the creation of a Growth Capital Fund to provide fast-growing companies with capital.

But these plans were not revealed in enough detail, commented Michael Baxter, editor of online magazine investmentandbusinessnews.co.uk.

"At the moment I think the details are a little bit too vague," he said.

"I am really interested in it and hope it pans out into something promising."

Mr Darling said business growth investments to promote innovation and invest in national infrastructure and key skills would be paid for by switching spending from within existing allocations and the extra proceeds from taxes on bank bonuses.

Both the Conservatives and Liberal Democrats criticised the chancellor's Budget, which comes just weeks ahead of the next general election.

Posted by John Crawley