Autumn Budget 2018 - How might this impact the UK's SMEs?
Phillip Hammond’s delivery of the Autumn Budget has provoked conversation amongst the specialist finance industry regarding the impact this will have for SMEs in the UK.
As a specialist commercial finance broker working with UK SMEs, we understand the importance of funding remaining readily available for business owners. During these uncertain times before the UK is set to leave the EU in March 2019, it is crucial that the government appreciates the value SMEs bring to our economy.
The government’s plans to cut business rate bills by a third for businesses with a rateable value of £51,000 and under, will enable our clients to continue thriving in their relevant sectors, easing their tax pressures; further enabling them to focus on running profitable businesses. This will also be supported by an injection of £650 million Future High Street Funding co-funded by the Government to assist councils in improving their local high streets.
Here at Christie Finance we specialise in working with clients to secure funding for the acquisition of several high street businesses such as, convenience stores, pharmacies, dental practices and restaurants. A contribution of funding will support UK businesses and continue to fuel the desire to finance and operate high street businesses.
It was also confirmed that fuel duty has been frozen for the ninth year in a row. We work closely with clients purchasing Petrol Filling Stations across the UK. Following this announcement, we are confident our clients will be comforted by another year of freezes.
In summary, as a specialist finance broker it is encouraging to see that the government are demonstrating they are willing to support in strengthening UK high street businesses, cuts to business rates are likely to encourage more operators to enter the market.