In the first spending review since the Brexit vote, Chancellor of the Exchequer Phillip Hammond has delivered a programme he said would aid a business-led recovery. Here are five main areas from the Autumn statement set to have an impact on wholesale:
- The National Living Wage will increase from £7.20 to £7.50 in April next year.
2. Corporation tax will be reduced to 17% as planned. The Chancellor also confirmed he is increasing Rural Rate Relief giving small businesses in rural areas a tax break worth up to £2,900 per year.
3. The Chancellor said he wanted to raise productivity. A National Productivity Investment Fund of £23bn is to be spent on innovation and infrastructure over the next five years.
4. More than £1bn will go towards improving digital infrastructure and in particular a 5G.”My ambition is for the UK to be a world leader in 5G. That means a full-fibre network; a step-change in speed, security and reliability,” he said. The government will also offer business rates relief on new fibre infrastructure from April.
5. The government announced it is investing in local infrastructure in every region of England. The allocation of £1.8bn from the Local Growth Fund will be distributed to the English regions with £556m to Local Enterprise Partnerships in the North of England, £542m to the Midlands and East of England, and £683m to LEPs in the South West, South East and London. He also announced a freeze on fuel duty.
