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George Osborne, the UK Chancellor of the Exchequer, delivered his "Budget for growth" today. Business will welcome a number of the new measures: additional cuts in the rate of corporation tax, the increase in the lifetime limit for entrepreneurs' relief and the creation of new Enterprise Zones. Banks may have been the biggest losers in recent Budgets but this mantle appears to have passed to oil companies who face an additional £2 billion tax charge on profits from UK oil and gas production. Banks have little cause for celebration, however, given the increase in the rates of the Bank Levy.

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