Partner Article

Autumn Statement 2014 - UK businesses can feel optimistic

In yesterdays statement the Chancellor underlined the importance he puts on the SME sector by announcing a further £900 million in government backed finance. £500 million of which will be through bank lending. In addition, the government is looking to help hospitality businesses, such as pubs and smaller high street retailers through a reduction in business rates. Both of these measures will help the growth of the privately owned and operated business community.

Interestingly the statement also introduced the new Northern Sovereign Wealth fund which is the beginning of a response to the regional demand for support. This will be very beneficial to small businesses in the north of England.

This year’s autumn statement is a positive one for UK businesses, especially those seeking internal investment. The economic growth forecast coupled with a steady inflation rate & falling unemployment levels is encouraging, and means that those companies that require vital funding in order to grow & expand are in a far better place than they were two to three years ago.

UK businesses are the backbone to the UK economy, and while this year’s statement is overall positive, there is still a long way to go & more support is required. It will be interesting to see what will come from next year’s full review of business rates & discounts.

Ian Morrison is director of risk and operations atLiquid Finance.

This was posted in Bdaily's Members' News section by Ian Morrison .