Autumn Statement 2016: What this means for UK business

Posted by Tim Forer on
Tim Forer, a barrister specialising in employment and business at law firm Blake Morgan, said: “It was an autumn statement with no great surprises, despite the Chancellor’s upbeat mood.

“The Chancellor's room for manoeuvre was very limited, partly caused by the uncertainty of Brexit and partly by the state of the public finances. 

“In some ways, the statement will be worrying for a lot of companies as the Brexit vote has meant potential growth in the current parliament will be 2.4 percentage points lower than forecast in March.

“Yet there are some helpful boosts today for businesses and the economy.

“The commitment to reduce corporation tax to 17 per cent, billions of pounds worth of investment in infrastructure like roads and digital technology, and unlocking £1bn of finance to help start-up businesses, are all important steps to help drive the economy forward and increase productivity in these uncertain times.

“It’s far from ideal conditions, but this autumn statement, set to be the last, will give many businesses some certainty at a time when they most need it.

“The key for future prosperity will be what sort of trade deal the government is able to negotiate with the EU and, perhaps more importantly, what sort of deals it can strike with the rest of the world.”

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Tim is highly experienced in employment law and specialises in advocacy. He also provides practical, commercial advice to organisations.

Tim Forer
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