Autumn Statement boost for small businesses

“I really welcome the Chancellor’s Autumn Statement announcement that will help small businesses and, in particular, retailers in North West Norfolk. This, combined with the recent confirmed increase in economic growth, plus help for the motorist, means that this is one of the most positive Autumn Statements for a long while.”

This was the view of Henry Bellingham, MP for North West Norfolk, who said that he particularly welcomed the following:

·        Capping of the inflation increase in business rates for all premises at 2% from next April

·        New reoccupation relief that will halve the rates for new occupants of retail outlets in town centres

·        £1000 discount for every retail premises with a ratable value of up to £50,000 over the next two years

·        Cancellation of next year’s fuel duty rise

·        Abolition of employer National Insurance contributions on young people under 21; this means that the cost of employing a young person on a salary of £12,000 will fall by £500 and over £1000 for someone on a salary of £16,000

Henry went on to say that with over 1000 new small businesses starting up in North West Norfolk since 2010, and with the number of major employers like Bespak expanding, the outlook is indeed a lot more promising. However, the Chancellor is right to be cautious because our deficit will not actually come into balance for another five years, which shows the scale of the challenge faced by the Coalition.