Autumn Statement 2014

What does it mean for you and your growing business?

UK has the fastest growing economy

in the G7

UK economy is growing 2.5 x faster than Germany And 7x faster than France

Growth forecast

We beat the budget predictions with 3% growth forecast

(Up from 2.7% in March)

Growth and Investment

under the current government

For your business… Working towards goal of unlocking £10bn finance by 2018

£900m additional boost for small business support pledged

for startups and small businesses through the Enterprise Finance Guarantee scheme. A government backed venture capital fund who invest in small but fast growing businesses.

£500m

Specific encouragement towards peer-to-peer lending

£400m Injection for the state backed British Business Bank to support small businesses in their quest for funding and access to credit.

Funding for Lending extended by a further year, focusing specifically on helping smaller businesses

On business rates…

A full review of the structure of business rates has been demanded

“Help for the high street”

UK’s business rates are the highest in Europe… …and it’s killing our high street.

Small Business Rate Relief

will double for another year.

x2

Business Rate Relief

If you own a small business which has a rateable value of below £18,000 a year (or less than £25,500 in Greater London) you could claim up to half of your business rates back. You’ll get 100% relief (doubled from the usual rate of 50%) until 31 March 2015 for properties with a rateable value of £6,000 or less. That means you won’t pay business rates on properties with a rateable value of £6,000 or less.

Last year’s £1,000 discount on rates for shops, pubs and cafes has been increased 50% to offer £1,500 next year

50% “Help for the high street”  

On business export…

Support for export

£45m Package of support

pledged to help businesses with

exporting into new markets

Britain is the most entrepreneurial economy in Europe but a slow down in export has occurred due to recession in Japan and Europe our major markets…

Support for expansion into new export market hotspots in Africa and Asia

On tax breaks…

Additional creative tax breaks

‘tax breaks have ushered a golden age for Britain’s creative

industries’

New extension of theatre tax break to include orchestras…

…and a new children’s television credit should save a treasured production sector in decline.

The Research & Development tax credit for small and medium companies increases to 230%. Meaning businesses can get even more of their profitable or pre revenue development costs back in cash every year.

On employment…

500,000 new jobs have been created in the past year

85% new jobs created are full time

Employer obligation to pay National Insurance for young apprentices has been scrapped

The gender pay gap is the lowest that it has ever been in UK history

The number of people receiving unemployment benefit fell by 23%

On science…

“In 2010 the UK was ranked 14th in the Global Innovation Index… now we are 2nd”

“Scientific advance is a human endeavour worthy of support in its own right. It is also crucial to our economic future” Next step: Allocate £6bn for research facilities in our scientific businesses and community

As of December 3rd Britain was awarded the lead role in the next international effort to explore planet Mars!

On investment in the north…

“Northern Powerhouse”

Embrace the challenge of creating a more balanced national economy – with much of the new science investment and investment pledges in most sectors in the North.

The great cities of the North will complement our capital city driven by billions of £s of investment committed to science, transport and new civic power in the northern towns and cities.

On infrastructure…

“Improving productivity for all businesses also demands a major investment in our nation’s infrastructure”

Global Investment National Infrastructure

Plan Is now helping the UK to attract more investment from around the world than any other European country.

Read more advice for growing businesses on our blog.