Here at Commercial Domestic Investigations we know how important cash flow is to UK SME’s. This week we are looking at a great article from SME Insider that suggests 4 things that SME’s should look out for in George Osborne’s Autumn Statement.
There are a number of potential legislation changes that could affect an SME. Phil Foster, managing director of Love Energy Savings, highlights four things to look out for on November 25th.
Devolution and the business rate review
Next Wednesday it is expected that business rates and the devolution of more regional powers are expected to be announced, building on the Northern Powerhouse flagship initiative launched by George Osborne in 2010. The business rates review promised a response by 2016, but there is no reason why SME’s shouldn’t expect an update in the autumn statement.
There has previously been promise that there will be more help for the high street and a doubling of business rate relief for 500,000 of the UK’s smallest businesses, and these promises should not be allowed to be ignored. Many businesses will also be seeking the privileges that have so far only been awarded to Manchester.
It is likely that we will see the introduction of a devolution deal announced next week also. This could include the announcement of the next round of cities to receive their own powers, along with details of local councils and their control over business rates.
There is expected to be an update on how the UK is planning to cope with increasing global demands for energy efficiency and digital security will also be of interest.
For SME’s this is important – as changes to either of the above will most likely result in additional costs. This could likely result in additional costs, whether that be in the form of increased regulation, fines or the necessity to invest in future security.
Small businesses feel the pinch in every area of their enterprise, from the overhead costs of wages and rents, to utility prices and cyber security. This government needs to understand how their actions will affect the SMEs which make up 99 per cent of the UK’s private sector.
The Spending Review has also been scheduled for the same time as Osborne’s announcement. It is hoped that it will be a lot less about cuts and austerity and more about growth and productivity.
The idea of a budget surplus by 2019-2020 sounds great in theory, this will not be preferred by SME’s over a plan for sustainable growth and recovery. There is obviously pressure on Osborne and the Conservatives to live up to election promises of debt reduction, but they are more likely to see success from a full and thorough re-evaluation of the current situation.
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