George Osbornes Autumn Statement – Hit or miss for West Midland business?

With so much bad news in this weeks papers spelling doom and gloom for the coutry as we slide into another credit crunch.  Here’s a quick view of the months Chancellors Autumn Statement.

The headlines included a credit easing scheme where £40 billion will be available as part of the National Loan Guarantee Scheme, £20 billion available in coming weeks, to bring down the interest rate payable on loans to small businesses.

A £1 billion investment into the Business Finance Partnership designed to specifically help medium-sized businesses, by investing in funds that lend to them.  £1 billion  pledged for the Regional Growth Fund.

The Chancellor also announced further tax incentives for enterprise zones and a reform to the R&D tax credit system as well as a £1 billion youth contract set to subsidise work placements for thousands of young unemployed people.

Introduction of the  Enterprise Investment Scheme where investors will be given 50 per cent income tax relief on investments of up to £100,000 in new enterprises.

My view: overall this has to be good news for business as there are incentives for success.  The trading position for all of us today is the new reality with no return to those of years ago.  Conditions are going to be tough and these are the sorts of measures that help develop good business, not prop up those that have been badly managed or are just unable to compete.

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