Autumn Statement: Key points for business
- No 3p fuel tax rise this January
- 1% cut in corporation tax to 21%
- Support for aerospace industry and supply chains
- 25% increase in funding for UKTI
- £600m for scientific research
- 10-fold increase in R&D tax credits
- Economy predicted to have contracted by 0.1% this year, down from 0.8% predicted in the Budget
- Growth forecasts for next few years are: 1.2% in 2013, 2% in 2014, 2.3% in 2015, 2.7% in 2016 and 2.8% in 2017
- £3.7bn cuts in benefit payments
- £1bn extra capital for Business Bank
- From October 2013 empty property rate exemption to be extended for new build of commercial property
- £5bn capital investment in infrastructure from departmental savings
- £1bn to be spent on roads across four major schemes (A1, A5, A30, M25)
- Rail expansion in the new year – HS2 expansion to the North West and Yorkshire
- Support for building 120,000 new homes
- Support for flood defence expansion
- Pension Infrastructure Investment Platform for infrastructure will emerge next year
- Reform to PFI – if public sector have to take on the risk they will also share the reward
- New money to support LEPs and more money into regional growth fund
- Extension of small business rate relief April 2014
- £1bn loan and a guarantee to extend the Northern Line to Battersea Power Station and support a new development on "a similar scale to the Olympic Park"
