The Autumn Statement 2015: key points for startups
It’s that time of year again when George Osborne takes his little red suitcase and outlines the policies that will affect every person in the country - the Autumn Statement and spending review. But we know small business owners are busy and don’t have time to sit through an hour of jeering – so we’ve picked out the key points relevant to startups and SMEs instead.
- Since 2010 no economy in the G10 has grown faster than Britain – nice work, startups!
- In the midlands we're seeing jobs being created three times faster than London and the southeast, and the north is seeing a big regeneration.
- The OBR says 1 million jobs will be created over the next 5 years in the UK.
- £12bn is to be spent on improved infrastructure, helping connect all part of the UK.
- The planned tax credit cuts will now be scrapped.
- Digitally advanced tax administration will be introduced – meaning that every individual and small business will have their own tax accounts to manage online, making things much more efficient.
- Further devolution of the north to take place – regions will have elected mayors and more power over transport and allocation of cash, giving local councils the tools to drive business.
- 26 new or extended enterprise zones are to be created across the UK.
- The uniform business rate is to be abolished – individual councils will have the power to cut rates to make their areas more attractive to businesses.
- Councils can keep 100% of the assets they sell to invest in local areas.
- The largest road investment programme since the 1970s will be given the go-ahead.
- London will get £11bn to invest in infrastructure.
- There will be a reduction in corporation tax rate to 18%.
- Great news for startups - the 600,000 smallest businesses will benefit from the small business rate relief scheme being extended for another year.
- From 2017 30 hours of free childcare a week will be provided for parents working more than 16 hours a week – a commitment of £6bn.
- The government wants to see 3 million apprenticeships by 2020. The apprenticeship levy will be set at 0.5% of a business’s payroll bill, but there will be a £15,000 allowance – so 98% of businesses will benefit from apprenticeships, without having to pay.
- More investment in house-building means more support for small building companies.
What do you think of the Autumn Statement 2015? Tweet us your views to @Virgin StartUp!