The Chancellor was unequivocal that he wanted the UK to retain its reputation as a top destination for businesses.
He reiterated his predecessor’s commitment to reduce Corporation Tax to 17 per cent, although speculation that he may announce a further reduction (perhaps to 15 per cent) proved to be wide of the mark.
There was news of a two per cent reduction in the transitional relief cap, which will be overseen by the Communities Secretary, and Rural Rate Relief will increase to 100 per cent. This will be worth up to £2,900 for eligible firms.
Conversely, employers will have to make preparations for another increase in the National Living Wage next year. The statutory wage floor will increase from £7.20 an hour to £7.50 as of April 2017.
As part of efforts to make the UK a “world leader” in 5G broadband, ministers will also be offering 100 per cent business rates relief on new fibre infrastructure from April next year.
Finally £400million will be pumped into venture capital funds, via the British Business Bank, to help unlock £1billion in finance for expanding businesses.
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