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.