Victory for local businesses in Autumn Statement

Mary Macleod MP has strongly welcomed the Chancellor’s Autumn Statement delivered this afternoon. The package of measures, designed to consolidate the growing economy, contained many aspects Mary has been campaigning for on behalf of local people and businesses, including Chiswick Traders and the Federation for Small Businesses (FSB).

As Small Business Ambassador for London, Mary particularly welcomed support for small businesses, including a long-awaited full review of business rates. Other measures announced include:

  • An extension of the doubling of Small Business Rate Relief.
  • Continuing the 2% cap on business rates.
  • 50% increased discount (up from £1,000 to £1,500) on business rates for high street shops and cafes.

Mary said:

“I’m delighted that the Chancellor is listening to small businesses and ordering a full review of business rates, as well as increased support for high streets. The 400 year old tax is no longer fit for purpose and it is about time we looked at it properly so small businesses can get a fairer business tax”.

John Allan, National Chairman of the FSB said:

“The FSB is delighted to see the double small business rate relief remain for another year and a full review of the outdated business rates system, something we’ve long argued for.”

As well as supporting small businesses, the Chancellor announced a raft of further measures:

  • Overhauling stamp duty so that 98% of stamp duty payers pay less tax when they buy their home.
  • Abolishing National Insurance on apprenticeships for people under 25 to help more young people get the skills they need.
  • Cutting tax for families by abolishing the air passenger duty paid for children.
  • Supporting postgraduate students with a new £10,000 loan for Masters courses.
  • Letting husbands and wives inherit their partner’s ISA and keeping its tax free status.

Mary added:

“Our economy is now the fastest growing in the western world, with unemployment and youth unemployment continuing to fall. Locally, unemployment is down by over a third and there are over 40% few young people claiming Jobseeker’s Allowance. With 1,000 jobs being created every day we have been in Government and the gender pay gap the lowest in UK history, our long-term economic plan is working. We need to stick to our plan for the future and stay on course for prosperity”.