PRESS RELEASE : Badenoch welcomes Autumn Statement that backs British business and unlocks economic growth [November 2023]
The press release issued by the Department for Business and Trade on 22 November 2023.
The Secretary of State for Business and Trade reacts to today’s Autumn Statement and what this means for businesses and consumers.
At today’s Autumn Statement the Chancellor announced a range of proposals promoted by the Department for Business and Trade that provide further financial backing to UK businesses, will improve regulation, and stimulate investment and growth across the country. The government will further set out its priorities for supporting growth and attracting investment at the Global Investment Summit on Monday 27 November.
Welcoming the Autumn Statement, Business and Trade Secretary Kemi Badenoch said:
My department put forward a number of measures for the Autumn Statement intended to help boost British businesses of all sizes and place their success at the heart of the Government’s agenda.
The Autumn Statement has taken on several of these proposals and gives businesses the certainty to invest in the future, cuts costs through lower taxes, and provides small and medium-sized businesses with greater confidence that they will be paid on time.
As the department for economic growth, DBT will continue to bring together the Government’s work to open markets abroad and back business at home.
The Autumn Statement contained a range of pro-business, pro-growth measures including:
- More than £2 billion over the next five years earmarked for the automotive industry via the Advanced Manufacturing Plan. The funding will support the UK’s manufacturing sector, supply chain and development of zero emission vehicles and will oversee £975 million of funding to support Airbus and Rolls-Royce develop technologies for the next generation of aircraft and engines. The new funding builds on the UK’s existing strong investment environment and support, including support such as the British Industry Supercharger and the Industrial Energy Transformation Fund, as well as cross-economy measures, such as the lowest corporation tax in the G7 and making full expensing for plant and machinery investments permanent.
- Permanent Full Expensing – giving businesses the certainty to confidently invest for less. A company can now permanently claim 100% capital allowances on qualifying main rate plant and machinery investments, meaning that for every pound invested its taxes are cut by up to 25p.
- A business rates support package worth £4.3 billion over the next 5 years will help high streets and protect those small businesses that are the backbones of communities. This includes a rollover of 75% Retail, Hospitality and Leisure relief for 230,000 properties and a freeze to the small business multiplier, which will protect around 90% of ratepayers for a fourth consecutive year.
- We intend to establish a new Growth Fund within the British Business Bank (BBB) with a permanent capital base of over £7bn to crowd-in pension scheme capital to the UK’s most promising businesses.
- Further funding for two BBB programmes – the Long-Term Investment in Technology and Science (LIFTS) scheme which will make £250 million available to successful bidders in order to increase investment in key science and technology sectors, and £50 million for the Future Fund Breakthrough scheme to continue backing businesses which focus heavily on Research and Development.
- SME support – including tougher regulation on late payers, Smarter Regulation on improving price transparency for consumers, the expansion of Made Smarter in Great Britain and continued funding for Help to Grow.
- The existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024, simplifying the system and boosting innovation in the UK.
- Freeport tax reliefs in England will be extended from five to ten years until September 2031, providing greater certainty to businesses looking to invest, delivering growth and jobs, and levelling up the economy.
