Budget 2005 Summary Leaflet | Productivity and enterprise in a flexible economy

			Budget 2005 Summary Investing for our future: Fairness and opportunity for Britain's hard-working families


Homepage Key Budget measures include Maintaining a stable economy High quality public services	Productivity and enterprise in a flexible economy Employment opportunity for all Building a fairer society Protecting the environment	Household income Where taxpayers' money is spent Further information Visit HM Treasury Site

Britain has high employment levels but the amount of output produced per worker productivity has historically been lower than in other major economies, though Britain's relative performance has been improving in recent years. An enterprising, innovative and high-skilled economy will help deliver faster productivity growth and ensure the UK is well-placed to prosper in the global economy. Budget announcements include:

reforms to reduce the regulatory burden on enterprise, including implementing the recommendations of the Hampton Review for a new risk-based approach to inspection and enforcement, streamlining regulatory structures and increasing accountability; and new targets for reducing the administrative burden of Government regulations;
to support the development of skills in young people, a pilot scheme to enhance training opportunities for 16 and 17 year olds;
improved support for enterprise in deprived areas, by following relief on commercial property purchases in disadvantaged areas with a new, better targeted Local Enterprise Growth Initiative; and
steps to implement the ten-year Science and Innovation Investment Framework, including a new partnership to boost stem cell research.

chart indicating productivity - output per worker