{"id":1220,"date":"2014-12-04T16:43:04","date_gmt":"2014-12-04T16:43:04","guid":{"rendered":"http:\/\/www.networkportfolio.co.uk\/schofieldinsurance.co.uk\/?p=1220"},"modified":"2016-01-14T16:57:57","modified_gmt":"2016-01-14T16:57:57","slug":"news-brief-2014-autumn-statement-highlights","status":"publish","type":"post","link":"http:\/\/www.networkportfolio.co.uk\/schofieldinsurance.co.uk\/news\/news-brief-2014-autumn-statement-highlights\/","title":{"rendered":"News Brief &#8211; 2014 Autumn Statement Highlights"},"content":{"rendered":"<div id=\"content\" class=\"internal\">\n<div class=\"wrapper\">\n<div class=\"contentColumn\">\n<div class=\"newsArticle\">\n<p>On 3 December 2014, George Osborne, Chancellor of the Exchequer, delivered his Autumn Statement to Parliament which reviewed UK economic performance, forecasted future UK economic viability and detailed several changes to taxation.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><!--more--><\/p>\n<p>Key Numbers<\/p>\n<ul>\n<li>The United Kingdom created 500,000 new jobs last year, 85 per cent of which are full-time, making the United Kingdom the fastest-growing economy in the G7.<\/li>\n<li>The projected unemployment rate is set to fall to 5.4 per cent in 2015.<\/li>\n<li>Inflation is predicted to fall from 1.5 per cent in 2014 to 1.2 per cent in 2015.<\/li>\n<li>The growth forecast for 2014 is predicted at 3 per cent, which is a boost from the 2.7 per cent predicted in Osborne&#8217;s March 2014 budget.<\/li>\n<\/ul>\n<h4>Highlights for Businesses<\/h4>\n<ul>\n<li><strong>Increasing support: <\/strong>Small and medium-sized enterprises (SMEs) have plenty to be happy about &#8211; the government increased their research and development tax credit, and it plans to offer \u00a345 million to SMEs in order to support first-time exports to Asia, Africa and South America. The government extended further support by providing tax relief on business investment in flood defences, guaranteeing \u00a3500 million of new bank lending for SMEs, and pledging \u00a3400 million to government-backed venture capital funds which invest in SMEs.The &#8216;high street discount&#8217; will continue to support small businesses with an increase from \u00a31,000 to \u00a31,500 between April 2015 and March 2016. In addition to the increase, the government is doubling the Small Business Rate Relief which will exempt 380,000 small businesses from paying any rates. For businesses that are paying, the government will cap the annual increase in business rates at 2 per cent.\n<p>Furthermore, small properties that would otherwise have to pay significant bill increases due to the ending of the Transitional Rate Relief will be offered transitional arrangements by the government.<\/li>\n<li><strong>Abolishing apprentice contributions: <\/strong>The government has made it cheaper to employ young people by abolishing employer National Insurance contributions for most apprentices under age 25, starting in April 2016.<\/li>\n<li><strong>Tackling tax avoidance:<\/strong> Some banks have been offsetting large losses from the financial crisis by avoiding corporation tax payments on current profits. To tackle such avoidance, Osborne limited the amount of profit that can be offset by losses to 50 per cent and delayed relief on bad debts. He claims this will result in banks contributing \u00a34 billion to public finances over the next five years.Likewise, multinational businesses that shift profits offshore to avoid UK tax will be required to pay a 25 per cent tax on profits starting April 2015.<\/li>\n<\/ul>\n<p>The key numbers and highlights listed here are a brief overview. For more detail, read the Chancellor&#8217;s full Autumn Statement 2014 here: <a href=\"http:\/\/www.gov.uk\/government\/publications\/autumn-statement-documents\">www.gov.uk\/government\/publications\/autumn-statement-documents<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 3 December 2014, George Osborne, Chancellor of the Exchequer, delivered his Autumn Statement to Parliament which reviewed UK economic performance, forecasted future UK economic viability and detailed several changes to taxation. &nbsp;<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1220","post","type-post","status-publish","format-standard","hentry","category-news","no-content-parts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>News Brief - 2014 Autumn Statement Highlights - Schofield Insurance<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Brief - 2014 Autumn Statement Highlights - Schofield Insurance\" \/>\n<meta property=\"og:description\" content=\"On 3 December 2014, George Osborne, Chancellor of the Exchequer, delivered his Autumn Statement to Parliament which reviewed UK economic performance, forecasted future UK economic viability and detailed several changes to taxation. &nbsp;\" \/>\n<meta property=\"og:url\" content=\"http:\/\/www.networkportfolio.co.uk\/schofieldinsurance.co.uk\/news\/news-brief-2014-autumn-statement-highlights\/\" \/>\n<meta property=\"og:site_name\" content=\"Schofield Insurance\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-04T16:43:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-01-14T16:57:57+00:00\" \/>\n<meta name=\"author\" content=\"Ian Cockroft\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ian Cockroft\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\/\/www.networkportfolio.co.uk\/schofieldinsurance.co.uk\/news\/news-brief-2014-autumn-statement-highlights\/#article\",\"isPartOf\":{\"@id\":\"http:\/\/www.networkportfolio.co.uk\/schofieldinsurance.co.uk\/news\/news-brief-2014-autumn-statement-highlights\/\"},\"author\":{\"name\":\"Ian Cockroft\",\"@id\":\"https:\/\/www.networkportfolio.co.uk\/schofieldinsurance.co.uk\/#\/schema\/person\/f81dc185593e7702c4954cbb87c5048f\"},\"headline\":\"News Brief &#8211; 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