How the autumn statement will impact Lincolnshire businesses

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Business leaders from across Lincolnshire came together to discuss the first (and last) Autumn Statement by Chancellor of the Exchequer Philip Hammond.

In the announcement Mr Hammond set out the plans for taxes, spending and borrowing for the years ahead.

The UK is forecast to be the fastest growing country in the G7 in 2016, with economic activity growing to 2.3% in Q3 and the employment rate at a record high of 74.5%.

Overall growth this year is expected to be at 2.1%, but next year, with Brexit uncertainty looming, the Chancellor expects only a 1.4% growth next year.

Infrastructure and innovation were high on the Chancellor’s list to invest in, committing £23 billion to a new National Productivity Investment Fund, as well as £2.3 billion for a new Housing Infrastructure Fund.

He has also committed an additional £2 billion per year in research and development funding by 2021.

Small businesses will be able to benefit from a £400 million fund for growing innovative firms and Corporation tax will also fall to 17% by 2020 from its current rate of 20%

Some £542 million will also be allocated to Midlands and East of England LEPs.

Letting Agents will no longer be able to charge renters for when a new tenancy agreement is signed, which could mean a big change for the industry.

Small businesses will need to cope with the continued increase of the National Living Wage from £7.20 to £7.50 per hour in addition to the increased for National Minimum Wage.

Watch our panel discussion to hear what local business leaders thought about the announcement.