Chancellor Gordon Brown is to cut Stamp Duty in two thousand new business areas across the country from the next budget. Speaking in last week’s pre-budget report, he said the move would help generate business activity and create new jobs in some of the worst areas of economic activity in the country. Brown said the new business areas had been outlined with the Small Business Service, although details of their size or exact boundaries were not available as Mortgage Solutions went to press.
Brown announced that the current deputy governor, Mervyn King, would replace Sir Edward George as governor of the Bank of England in June 2003, and promised a similarly steady grip would be maintained. Brown said the inflation target of 2.5% would be met for this year, and forecast a rate of 2.25% for 2003, rising to 2.5% for 2004.