What does the Autumn Statement mean for you?
Chancellor George Osborne delivered his Autumn Statement to Parliament this morning, outlining how the government will “continue to secure the public finances, support families with their costs, help businesses to grow and equip young people with the skills they need to succeed.”
The chancellor claimed that due to his policies the UK was growing faster than any other major economy, but that recovery was “not yet done”. He went on to state that growth forecasts for this year had more than doubled from 0.6% to 1.4%.
But what does the Autumn Statement mean for you and your business? You can see the full Autumn Statement online, but the following are some of the key points to highlight.
Helping businesses to grow
The government are introducing a number of changes to help businesses grow and create jobs including:
- Introducing a cap on the Retail Prices Index (RPI) increase in business rates in England to 2% in 2014-15
- Introducing a £1,000 business rates discount to help the high street
- Doubling the Small Business Rate Relief for a further 12 months from 1 April 2014 to help 540,000 firms
- Making it cheaper for businesses to employ young people by abolishing National Insurance contributions for under-21s earning below £813 per week
- Introducing a new tax relief for shale gas and support for the creative industries
The state pension age will rise earlier than planned. The retirement age of 68 will be brought forward from 2046 to the mid-2030s, and could rise to 69 by the late 2040s. The state pension amount will also increase, rising by £2.95 a week from next year.
What do you think about the Autumn Statement? Will the changes outlined help your business to grow?
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