Private businesses and the autumn statement

The Chancellor’s autumn statement yesterday unsurprisingly focused on managing the UK debt burden as a means of keeping the interest of cost down on the economy. The measures he announced were a steady step towards making sure that the UK remains competitive in the challenging economic environment. But has he done enough to encourage growth of UK business?

It was good to see a re-affirmation of his commitment to the whole corporate tax reform agenda, getting British business back working and getting foreign business attracted to investing here again.  It was a statement all about promoting jobs and an economy fit for the future; and within that even technology and science investments were announced today. 

Mr Osborne laid out plans for credit easing worth £21bn that will see the taxpayer underwriting lending to small businesses and the creation of an SME company bond market. The business rate holiday for small businesses was extended to April 2013 and the Government will launch a new Seed Enterprise Investment Scheme in April, offering 50% income tax relief on investments. The Government has committed to introducing an ‘above the line’ tax credit in 2013 to encourage research and development.

A very steady autumn statement, what do you think? Comment below and let me know your thoughts.