Autumn Statement 2014

Our expert insight and opinion on the Autumn Statement 2014

  • Our 'Agents of growth' research has already shown that the MSB segment has continued to be disproportionately valuable throughout the downturn, contributing £305 billion to UK GDP in 2013 alone.

    Jonathan Riley Head of Tax

    22/10/2014 10:00

  • We are continuing to call for personalised account management for MSBs by government and a dedicated team to look at MSB issues, which would provide the focus needed, while also identifying any cumbersome processes that should be removed.

    Jonathan Riley Head of Tax

    19/03/2014 12:40

  • We know that finance remains a concern for MSBs and again, encourage government explore a provision for corporate venturing which would channel the great cash reserves that are currently sitting on balance sheets, to dynamic MSBs, while also enabling strategic partnerships.

    Jonathan Riley Head of Tax

    22/10/2014 10:10

  • Our interaction on the ground with businesses, as well as our most recent survey findings, show that extending the under 21 employers' NIC exemption to all apprentices would increase the number of businesses offering high quality opportunities.

    Jonathan Riley Head of Tax

    22/10/2014 10:00

Latest:

  • This year's Autumn Statement will be presented on 3 December

This year's Autumn Statement will be presented on 3 December. In order to maintain and accelerate economic growth in the UK, we're calling once again for the Chancellor to back mid-sized business (MSBs) and high growth firms.

In advance of the Autumn Statement, Grant Thornton conducted a survey of the leaders of dynamic mid-sized businesses to understand more about the measures they would like to see in order to unlock their potential and further boost the UK economy.

This is how they responded:

  • 48% confirmed their strong support for a single and dedicated HMRC contact who knew their businesses. Over a quarter (28%) would also welcome being able to speak to event specific specialists.
  • On the subject of accessing finance and the reintroduction of the corporate venturing scheme, 30% of respondents would be in favour of obtaining equity investment from corporate investors, particularly with a view to fostering strategically beneficial partnerships, if it was available.
  • Nearly 40% of respondents identified their biggest skills shortage as being technical skills, followed by management, sales, finance and marketing and digital media. Of those from our survey who don't already have apprentices, 50% said that a National Insurance contribution (NIC) exemption would make them more likely to take one on.
  • A third of businesses said that they would be more likely to consider exporting to a new emerging market such as China or India if the exploratory costs qualified for an export tax credit.

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Autumn Statement 2014

‘Grant Thornton’ means Grant Thornton UK LLP, a limited liability partnership Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd (Grant Thornton International). Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered by the member firms independently. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication. www.grant-thornton.co.uk