Catch up on the big issues in this week’s Small Business Bites. We cut through the noise to dig out stories that really matter to UK small business owners from November. Here’s our roundup of things you need to know:
Autumn Statement 2017: a speech for small business?
On November 23rd, the chancellor Philip Hammond delivered his first Autumn Statement to MPs, and the UK’s small businesses waited in hope of some early Christmas presents. What did they get? Well, corporation tax will fall again, to 17% by 2020 – the lowest business tax rate in the G8. Slow business broadband is being made a priority, especially in rural areas, and an extra £400m is being made available to support venture capital investment through the British Business Bank.
“The productivity gap is well known, but shocking nonetheless… it takes a German worker 4 days to produce what we make in 5… Raising productivity is essential for the high-wage, high-skill economy that will deliver higher living standards for working people. I can announce today a new National Productivity Investment Fund of £23 billion to be spent on innovation and infrastructure over the next five years.”
The chancellor Philip Hammond MP
The verdict from the press was mixed, particularly on the fact that the Government’s torn up it’s commitment to balance the books by 2020. However, the 100% small business rates relief could potentially be good news for your local pub, as the Morning Advertiser explains.
Setting up a business? It could cost less than you think
If you’re thinking about setting up a new business, how do you decide when it’s the right time? No doubt money plays a big part in that decision. Well, according to news out this week from Yell, more than half of startups cost under £1,000 to get off the ground. The story, covered by Business Matters, showed that more than 600,000 startups have been set up in 2016 so far – if you’re thinking of making the leap, here’s a guide for getting your elevator pitch ready before you start pitching to would-be investors.
Getting ready for Small Business Saturday
Finally, December 3 marks Small Business Saturday, the annual nationwide celebration of independent retailers and supporting local businesses. Now in it’s fourth year, it’s expected to attract as many as 20,000 retailers tomorrow, with momentum building and almost half of the UK population expected to consciously ‘buy local’ and give small business a boost. To find out more visit the Small Business Saturday site.