Starting his speech by declaring “the era of austerity is finally coming to an end,” There were good news for small businesses with the Chancellor pledging the contribution of small companies to apprenticeship levy to be reduced from 10% to 5% and to support 90% of independent businesses, cutting the bill by £8,000. There will also be £900m in business rates relief for small businesses and £650m to rejuvenate High Streets.
Hammond also unveiled £2bn a year extra for mental health by 2024, 10 million trees, cash for roads, soldiers and social care and a pilot scheme to offer low-cost loans to the poor.
After reassuring the house “Britain’s job’s miracle is set to continue” Hammond then went on to explain the importance of negotiating the right deal with the EU, which would give the UK a double boost by ending uncertainty around the economy and gaining the best possible deal. He however also stated he is putting aside £500 million in case of a no-deal scenario.
With 800,000 new jobs predicted by 2023, and the OBR forecasting the deficit to keep falling (to 0.8% by 2023/24), the UK economy is looking strong and on course to keep staying this way. With this in mind, now is the best time for small businesses and SMEs to invest their business cash into the right bank accounts. With Akoni’s platform, you can find market leading rates and manage multiple accounts from one place while receiving prompts and suggestion in relation to changes in the market.
Felicia Meyerowitz Singh is CEO and Co-founder of Akoni, providing financial automation and increasing returns to businesses, and leveraging Open Banking with solutions to Banks and Relationship Managers for SME and Corporate clients. Contact Akoni or sign up online for Cash Portfolio manager or personalised Export Planner.