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Autumn Statement 2016 Review: Key Points for Businesses

November 24, 2016

Here at Capture It we don’t focus on the negative, strictly positive mental attitude. So when it comes to discussing the 2016 Autumn Statement delivered by Chancellor Philip Hammond yesterday, we’ll completely dismiss the fact that the our beloved NHS is facing its biggest financial crisis since it began in 1948, waiting lists are touching the 4 million mark and A&E’s are suffering from overload. Dismiss it in the same manor that our Chancellor did by failing to offer a solution and opting to impose further austerity cuts.


As our welfare state disintegrates, we should also ignore that fact that there was no mention of social care, mental health or public health and we should most definitely dismiss the projected £122 billion black hole projected for UK finances once we invoke Article 50 and escape the wrath of the European Union that gave us access to the world's largest single market. In fact just to throw it out there, the revealed cost of Brexit by 2019/2020 will be £220 billion. Pocket money though, right? It’s fine though because that’s the equivalent of 17 years EU contributions and 9 videos from Capture It (including our Christmas bonus). Fear not though! The Chancellor has suggested that prolonged Austerity will solve these minor issues because it’s merely a schoolboy error (Eton College) that the Tory government will have somehow accidentally doubled national debt between 2010 and 2020.


But like I say, no focus on the negative round here. Business owners will have the luxury of treating their employees to 30p extra per hour and if they’re fortunate enough, they can even send their children to Grammar schools that appear to have gotten a £240 million cash injection or maybe that’s just my bad maths.

 And finally, we would like to offer a 10% discount on all our services to whoever lands a contract tied to the £369 million refurbishment of Buckingham Palace (We’ll triple your invoice at no extra cost). We hope this article has helped steer away from all the negative press and ever so pessimistic British Public. We aimed to identify all of the possible key impacts that the Autumn Statement may have had on businesses and entrepreneurs throughout the UK. No in all seriousness, you’ve made it this far so here’s a list of all possible things that may impact your business during our ever so promising economic uncertainty:


  • Economic growth to be 1.4% next year, revised down from 2.2%

  • £23bn to be invested in a new productivity and innovation investment fund over the next 5 years

  • £1.1bn of investment in English local transport networks, such as road improvements and digital signalling on our railways, in order to improve connectivity across the country

  • More than £1bn to be invested in digital infrastructure with 100% business rates relief on investments in new fibre infrastructure

  • Doubling UK export finance to make it easier for British businesses to export

  • £400m to be invested into Venture Capital funding through the British Business Bank

  • A Treasury-led review is to look at the barriers for accessing startup capital

  • Investment in local infrastructure into every region in England to help combat productivity gaps between London and the rest of the country

  • £1.8bn allocation from the local growth fund for English regions

  • Every city in Scotland to benefit from a City Deal

  • Corporation tax will fall to 17%, the lowest in the G20

  • Rural rate relief of 100%, resulting in savings to small businesses in rural areas

  • ‘Salary sacrifice’ schemes are to be taxed as cash from April 2017; however childcare benefits and Cycle to Work scheme will be protected

  • New restrictions on tax relief for corporate interest expenses

  • Raising the tax-free personal allowance to £12,500 during the 2020s, and higher rate tax threshold will be £50,000 by the end of this parliament

  • National Living Wage to increase from £7.20 to £7.50 in April 2017

  • Clampdown on unregulated fees from letting agents

  • Cancelling fuel duty rise for seventh successive year, saving money for drivers
                             (Source: https://www.virginstartup.org/news/autumn-statement-2016-key-points-startups )


Take the list however you want it but however you take it, like, share, comment and buy one of our services.


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We're a digital marketing agency that specialises in video production across the globe. We're currently based in Stoke-on-Trent and Manchester.