Today (Wednesday 23rd November), Philip Hammond delivered his first statement as Chancellor, outlining his focuses for the future. Here are the key points:
1. Corporation Tax is to drop from 20% to 17% by 2020
This is the lowest rate of corporation tax in the G20
2. National Living Wage to rise by 30p
The wage will increase from £7.20 to £7.50 from April 2017
3. £1bn investment in full-fibre broadband and 5G trials
The government has pledged to invest £1bn into the country's digital infrastructure, with businesses benefiting from a 100% business rate relief if they invest into full-fibre and 5G
4. Rural Rate Relief to increase to 100%
Small businesses located within rural areas could benefit from saving on average of £2,900 per year
5. National Productivity Investment Fund
A £23bn investment over the next 5 years into Research & Development, Transport, Digital Communications and Housing
6. Fuel duty freeze for its 7th consecutive year
Given the increase in petrol prices since Brexit, the Chancellor announced the fuel duty freeze is to remain, saving motorists £130 a year
7. Doubling UK export funding
The government will provide additional support to make it easier for British companies to export
8. £400 million into venture capital funds through the British Business Bank
Investment in small businesses through the BBB fund, unlocking £1bn of finance to support start-ups and new business'
9. Northern Powerhouse (further discussion in the coming weeks)
The government to continue to develop Northern Powerhouse and transport structures
And most importantly…
10. The Autumn Statement to be replaced with a Spring Statement and Autumn Budget from 2018
Other key areas to note:
- Business rate reductions worth £6.7bn billion for oil and gas industry
- Management Skills for businesses
