2013 Autumn Statement – Key points for business owners
Chancellor George Osbourne has presented his 2013 Autumn Statement which, on the whole, can be seen as positive, especially for business owners. Economic growth forecasts have more than doubled from 0.6% to 1.4%, however, the Chancellor was evidently keen to emphasise that there is still a lot of work to be done and achieving a ‘responsible recovery’ will be done through the austerity plan that has granted the results to date.
The Statement highlighted many positives for business owners including the introduction of a new 2% cap on business rates increase in England in addition to an extension of the Small Business Rate Relief for another year.
Also, George Osbourne revealed that the government would be scrapping employer national insurance contributions for individuals under the age of 21 from 2015 granting businesses increased financial incentives for businesses to employ younger staff.
“This was a pro-business, confidence-building Autumn Statement … it’s good news to see light at the end of the tunnel.”
Graeme Leach, Chief Economist, Institute of Directors
All in all, the 2013 Autumn Statement represents a continuation of the pro-business ethos which has characterised the coalition government since they came to power. Britain is leading the way when it comes to the European recovery and is commonly seen as he natural ‘gateway to Europe’ by large international acquirers seeking to enter the European market.
Britain’s attractiveness is something we witness first hand on a daily basis at Benchmark International and non-European enquiries for acquisition opportunities have doubled since the same time 2012. An increasing international presence surrounding acquisition opportunities is enabling improved deal values and multiples due to an enhanced competitive atmosphere surround opportunities.