Autumn Statement: Key points for business

December 5, 2012
  • No 3p fuel tax rise this January
  • 1% cut in corporation tax to 21%
  • Support for aerospace industry and supply chains
  • 25% increase in funding for UKTI
  • £600m for scientific research
  • 10-fold increase in R&D tax credits
  • Economy predicted to have contracted by 0.1% this year, down from 0.8% predicted in the Budget
  • Growth forecasts for next few years are: 1.2% in 2013, 2% in 2014, 2.3% in 2015, 2.7% in 2016 and 2.8% in 2017
  • £3.7bn cuts in benefit payments
  • £1bn extra capital for Business Bank
  • From October 2013 empty property rate exemption to be extended for new build of commercial property
  • £5bn capital investment in infrastructure from departmental savings
  • £1bn to be spent on roads across four major schemes (A1, A5, A30, M25)
  • Rail expansion in the new year – HS2 expansion to the North West and Yorkshire
  • Support for building 120,000 new homes
  • Support for flood defence expansion
  • Pension Infrastructure Investment Platform for infrastructure will emerge next year
  • Reform to PFI – if public sector have to take on the risk they will also share the reward
  • New money to support LEPs and more money into regional growth fund   
  • Extension of small business rate relief April 2014 
  • £1bn loan and a guarantee to extend the Northern Line to Battersea Power Station and support a new development on "a similar scale to the Olympic Park"


Comments are closed.


Reach tens of thousands of senior business people across Bristol for just £120 a month. Email for more information.