Rishi Sunak unveiled his winter budget at the end of last month, and as always there’s a lot to unpack.
Let’s talk about the latest budget. Rishi Sunak unveiled his winter plans at the end of last month, and as always there’s a lot to unpack.
As a business owner, you’re probably thinking “how is this gonna affect me?” It can be hard to make sense of it all, we get it. But don’t sweat – that’s why we’re here! 💪
You may have already heard about the cuts to business rates – Sunak announced that a 50% reduction would be available to claim in 2022-2023 which significantly helps smaller businesses, and gives the high street a boost to recoup some of the COVID losses.
There is also another 6-month extension of the recovery loan scheme, which means that businesses can apply for a loan of up to £2 million. Any loans will be 70% backed by the government.
These were the headlines, but here are some of the bits you may have missed…
More public sector funding
The public sector has got some more funding, which is very exciting news!
There’s a 3.8% increase in the NHS budget – great news if you’re a medical professional.
Schools and the education sector will also see a rise in funding.
Affordable housing projects – the government is taking steps to rectify the housing crisis that we’re seeing across the country.
The criminal justice system – more funding to help keep everyone safe.
This is great as it will give you as a business owner the options you need to increase your presence within the public sector and make your relationships even stronger.
Now’s the time to reach back out to your connections and find out what you can do to keep helping people, and take advantage of these opportunities.
Some big investment updates
For all you online entrepreneurs, there was some good news. Sunak announced that R&D now covers your field, meaning you could get tax credits if you’re innovating or researching.
This is all part of Sunak’s plan to get the government spend up from £7.4 billion in 19/20 to £20 billion by 24/25. If you’re looking for ways to get your business growing again, this could well be a game-changer. The money is there 💰!
If you’re already making use of R&D tax credits and based in the UK then you’ll find that you may be incentivised further. Sunak claims that he wants “greater investment here at home”, so will encourage UK businesses to claim for R&D as opposed to those overseas.
There is also going to be increased funding for apprenticeship schemes, as well as the ‘Help to Grow’ initiative, which is good news for SMEs.
H2G is designed to increase productivity through management skills and will train up your employees for the digital world. This kind of scheme is a great tool if you’re looking to level up your current business and get your people ready for the digital age!
What does this all mean for my business?
Simply, there is a lot of funding out there to be made use of. There’s no telling how things may change by the next budget, so it’s worth making use of these benefits while they’re available to you.
If you need help or want to discuss how we can help you, then please get in contact. We’re so excited to find out what great growth we can help you achieve with these new changes!
If you want to read the 200-page budget, then click here: