The Spring Statement – what it means for your business

In the recent Spring Statement, chancellor of the exchequer, Philip Hammond, called the UK government “the champions of small businesses and the entrepreneur”.

With a goal of supporting the UK’s start-ups and small businesses, the chancellor went on to announce several measures and upcoming consultations designed to push the productivity of the country’s entrepreneurial community. This includes:

  • The next business rates revaluation will be taking place in 2021 – as opposed to 2022, as initially scheduled – with the following taking place in 2024 in line with the new three-year time frame.
  • He revealed that the first funding from the £190m challenge fund designed to improve digital infrastructure has been allocated, with over £95m going to 13 regions across the country, providing faster and more secure internet connections to businesses in these areas.
  • Up to £80m funding will be released to help small businesses hire apprentices
  • Recognising the negative impact that late payments can have on start-ups and small businesses, the chancellor announced a call for evidence which calls on small businesses to help the government understand how best it can help to eliminate late payments.

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