Chancellor Philip Hammond delivered his Autumn Budget last week. Sentinel Business looks at what it means for local companies.
Growth predictions for the UK are down for the next few years, but small businesses could still benefit from a number of proposals set out in the Autumn Budget.
Chancellor Philip Hammond said that growth in the UK was forecast to be 1.5 per cent in 2017 – down from an earlier forecast of two per cent – and 1.4 per cent in 2018.
It would then fall to 1.3 per cent for the next two years, before rising to 1.5 per cent in 2021 and 1.6 per cent in 2022.
But he also delivered a number of 'benefits' for businesses in the Budget statement last week.
This includes the planned changes to business rates – which will now increase in line with the consumer prices index (CPI) instead of the higher, retail prices index (RPI) – being brought forward to April, a move which the Chancellor said could be worth £2.3 billion to businesses. Revaluation periods were also changed from every five years to every three years.
While the £1,000 discount for small pubs was also extended to March 2019.
A £540 million pledge to support the growth of electric cars, including more charging points.
The Autumn Budget also brought with it developments around the skills agenda, with a pledge to deliver three million apprenticeships by 2020 and an extra £20 million funding to FE colleges to support the implementation of T-Level qualifications.
Chambers chief executive Sara Williams said: "This is not the first time we have heard a Chancellor of the Exchequer deliver a budget targeted at countering the UK's weak productivity. However, there is no denying that there were some welcome announcements for the business community."
She added: "Our members have been consistent in their calls to address the current lack of skilled workers entering the workforce, therefore the announcement of funding to support education programmes should help to address some of these issues.
She said: "Local business owners have grown used to bearing the brunt of Budget changes and new legislation and receiving little in return, but the Autumn Budget has at last given them some good news to encourage investment and growth.
"Many local business owners will be looking at available opportunities under the £500 million investment announced for new technologies and £2.3 billion investment in research and development.