Key Points of George Osborne’s Autumn Statement

Key Points of George Osborne’s Autumn Statement

Chancellor George Osborne gave his much anticipated autumn statement yesterday. He began by saying the Office of Budget Responsibility forecasts dropping to 0.9 percent in 2011 and 0.7 percent in 2012.

He then announced a number of measures that have been designed to stimulate business. Here are some of them;

• Small business rate relief holiday to be extended for a further six months.

• The research and development tax credit scheme to be extended to larger companies.

• A £21 billion credit easing initiative to help reduce the cost of bank loans. Banks that participate will be able to raise £20 billion under a guarantee scheme, on the condition they pass on the lower cost of funding on to smaller businesses in the form of lower interest rates on new loans.

• A £1 billion Business Finance Partnership scheme to raise non banking finance for small and medium enterprises.

• Over £5 billion of additional spending for investments set out in the National Infrastructure Plan.

• A new “Seed Enterprise Investment Scheme” (SEIS) to be launched in April 2012. This will offer 50 percent income tax relief for those investing up to £100,000 in new businesses. Those who realise gains in 2012-2013 and invest back through SEIS will face no capital gains tax for the tax year.

• An extra £1 billion for the Regional Growth Fund to fund a number of infrastructure projects that will be devoted to improving internet services and transport.

To summarise what Osborne’s measures intend to amount to:
• Increasing the supply of credit to benefit business.

• Sticking to the austerity measures to maintain the UK’s credit rating and thus keeping interest rates down.

• Implementing an active enterprise policy.

• Help with fuel duty and rail fares

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.