At today’s Autumn Statement the Chancellor announced a range of
proposals promoted by the Department for Business and Trade that
provide further financial backing to UK businesses, will improve
regulation, and stimulate investment and growth across the
country. The government will further set out its priorities
for supporting growth and attracting investment at the Global
Investment Summit on Monday 27 November.
Welcoming the Autumn Statement, Business and Trade
Secretary said:
My department put forward a number of measures for the Autumn
Statement intended to help boost British businesses of all sizes
and place their success at the heart of the Government’s agenda.
The Autumn Statement has taken on several of these proposals and
gives businesses the certainty to invest in the future, cuts
costs through lower taxes, and provides small and medium-sized
businesses with greater confidence that they will be paid on
time.
As the department for economic growth, DBT will continue to bring
together the Government’s work to open markets abroad and back
business at home.
The Autumn Statement contained a range of pro-business,
pro-growth measures including:
- More than £2 billion over the next five years earmarked for
the automotive industry via the Advanced Manufacturing Plan. The
funding will support the UK’s manufacturing sector, supply chain
and development of zero emission vehicles and will oversee £975
million of funding to support Airbus and Rolls-Royce develop
technologies for the next generation of aircraft and engines. The
new funding builds on the UK’s existing strong investment
environment and support, including support such as the British
Industry Supercharger and the Industrial Energy Transformation
Fund, as well as cross-economy measures, such as the lowest
corporation tax in the G7 and making full expensing for plant and
machinery investments permanent.
- Permanent Full Expensing – giving businesses the certainty to
confidently invest for less. A company can now permanently claim
100% capital allowances on qualifying main rate plant and
machinery investments, meaning that for every pound invested its
taxes are cut by up to 25p.
- A business rates support package worth £4.3 billion over the
next 5 years will help high streets and protect those small
businesses that are the backbones of communities. This includes a
rollover of 75% Retail, Hospitality and Leisure relief for
230,000 properties and a freeze to the small business multiplier,
which will protect around 90% of ratepayers for a fourth
consecutive year.
- We intend to establish a new Growth Fund within the British
Business Bank (BBB) with a permanent capital base of over £7bn to
crowd-in pension scheme capital to the UK’s most promising
businesses.
- Further funding for two BBB programmes - the Long-Term
Investment in Technology and Science (LIFTS) scheme which will
make £250 million available to successful bidders in order to
increase investment in key science and technology sectors, and
£50 million for the Future Fund Breakthrough scheme to continue
backing businesses which focus heavily on Research and
Development.
- SME support - including tougher regulation on late payers,
Smarter Regulation on improving price transparency for consumers,
the expansion of Made Smarter in Great Britain and continued
funding for Help to Grow.
- The existing R&D Expenditure Credit and Small and Medium
Enterprise Scheme will be merged from April 2024, simplifying the
system and boosting innovation in the UK.
- Freeport tax reliefs in England will be extended from five to
ten years until September 2031, providing greater certainty to
businesses looking to invest, delivering growth and jobs, and
levelling up the economy.
