In a bold move, the Autumn Statement aims to secure £20 billion in annual business investments for the next decade.
Key highlights include:
Full expensing for businesses
- The full expensing scheme will become permanent, contributing to what the Chancellor dubbed the "largest business tax cut in modern British history".
- This measure is expected to unlock an additional £14 billion in investment for sustainable economic growth.
Business rates support package
- £4.3bn support package with frozen small business rates and extended relief for retail, hospitality and leisure, aimed at saving businesses and stimulating economic activity.
Pension reforms and investment
- Reforms targeting £75 billion financing for high-growth companies by 2030.
- Streamlining pension schemes for efficiency and cost-effectiveness, focusing on private equity.
Investments in R&D and innovation
- Over £750 million for R&D to maintain UK's science and tech leadership.
- Extended support for start-ups and SMEs until 2035.
Support for SMEs
- Measures include freezing small business rates, addressing late payments, and promoting digital adoption.
- Tax cuts for self-employed individuals and clarity on tax deductibility for training.
R&D tax relief reforms
- Significant reforms merge the two R&D schemes into one, reduce tax rates and expand eligibility criteria.
- Anticipated to provide an additional £280m in relief annually by 2028/29.
Climate change agreement scheme extension
- Allocating funds for energy-efficient technologies and tax relief to support the Government's net-zero goals.
Sector-specific announcements
- Targeted investments in advanced manufacturing, digital tech, life sciences and creative industries.
- Emphasising Government commitment to sector-specific growth.
Talk to us about how these changes affect your business.