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The Autumn Statement is reasonably good news for small firms!

10-12-2014

Following the Autumn Statement 2014, it appears that small businesses are to get extra support and funding designed to help boost the UK economy.

George Osbourne announced a number of new schemes aimed at helping business, including:

However, the statement has highlighted some fears over spending cuts as 60% of government spending cuts are yet to be implemented. There is also uncertainty about which sectors this will affect the most.

GDP growth forecasts were also given for the UK. Growth of 2.4% in 2015, 2.2% in 2016 and 2.4% in 2017 is predicted.

Additional points include £500 million that will be allocated to the Enterprise Finance Guarantee scheme in 2015-2016 and £400 million that will be allocated to government-backed venture capital funds that invest in small firms in the UK.

Despite the figures all sounding very positive overall, there are concerns that while this statement looks promising, it could be political tactics with the next general election being only 5 months away.

If you are a start-up or small business looking for advice on your entitlements and allowances, visit our resources page for more information.


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