Following the Autumn Statement this afternoon, Anne-Maree Dunn, Tax Partner at WMT comments:
 

The Autumn Statement is one of the two formal statements that HM Treasury make to Parliament in the year – the other being the Budget.  The Autumn Statement is utilised by our coalition government to outline economic growth and government finance projections.
 

The UK economy is currently faced with higher than expected inflation, slower than expected growth and several crises across the Eurozone.  All of this uncertainty is leading UK households and businesses to be cautious in their spending, investment, borrowing and recruitment.
 

George Osborne spoke for about an hour this afternoon on plans to curb spending, keep interest rates low, assist the flow of credit to small businesses and accelerate enterprise in the economy.  Much of the detail of the measures will not be published until 6 December.  Not a lot to get excited about at present until we see more of the detail behind these measures.
 

The main points highlighted include:

• A new Seed Enterprise Investment Scheme (SEIS) that will give investors in start up businesses 50% tax relief; along with a capital gains tax exemption for assets disposed of in 2012/13 and invested in the SEIS in the same year
• State pension age set to increase from 66 to 67
• The planned 3p fuel rise in January is to be scrapped, a 3p rise is planned for August 2012
• A credit easing programme from small and medium sized businesses to underwrite up to £40bn in low interest loans will be introduced
• Finance partnership of up to £1bn to help secure funding for medium-sized firms will be available
• An extra £1bn in funding for regional growth regeneration fund
• A new build indemnity scheme for builders and lenders to the stimulate the construction of new homes
• Support package for energy-intensive firms 
• Commitment to improve the energy efficiency of buildings
• Proposals for radical reform of UK employment law, including simpler, quicker and clearer dismissal processes
• 100 per cent capital allowances in Sheffield, the Black Country, Liverpool, Tees Valley, North Eastern and Humber Enterprise Zones.

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