Today’s Budget which was delivered by Chancellor, George Osbourne, yielded encouraging news for anyone in business or planning to start a business in 2011.

The Chancellor pledged to offer more support for entrepreneurs and new start-up businesses by making “Britain the best place in Europe to start, grow and finance a business”.

He described small businesses as the “innocent victims of the credit crunch” and announced plans to introduce export credits to help SMEs. He also doubled the size of entrepreneurs relief to £10m and increased the income tax relief for businesses from 20% to 30%. Research and development tax credits for small businesses will rise to 200 per cent in April, followed by a further rise to 225 per cent in the following year.

He also highlighted the 15 per cent increase in finance available from banks, with the figures already announced in February 2011 as part of Project Merlin.

Overall, the government’s support for new business formed part of a “plan for growth” designed to encourage inward investment, maximise exports and create a more skilled workforce.

The economy isn’t out of the woods yet, but this budget certainly gives anyone in business cause for greater optimism in 2011.