A summary of the main trade & investment announcements of the Chancellor’s Autumn Budget.
- A further £3 billion being set aside for Brexit preparations.
- Digital businesses paying royalties on Uk sales to low-tax overseas territories will now be taxed.
- Investing more than £30 billion to transform productivity in our economy by expanding the National Productivity Investment Fund by £8 billion – taking the total size of the fund to over £30 billion.
- A further £2.3 billion investment in science and innovation, taking spending to its highest level in 30 years.
- Increase in the R&D Tax Credit to 12 per cent.
- Investing over £500m in a range of initiatives from Artificial Intelligence, to 5G and full fibre broadband, and providing backing to autonomous and electric vehicles.
- The launch of a partnership between Government, the CBI and the TUC to set the strategic direction for a National Retraining Scheme, giving people the skills they need throughout life to get a well-paid job.
- A new £1.7 billion Transforming Cities Fund for our city regions, with half going to our six elected metro mayors so they have the power to deliver on local transport needs.
- Bringing forward the planned Business Rates switch from RPI to CPI to April 2018, worth £2.3 billion to businesses over the next five years.
And that is it – not a lot of information about support for trade or investment but some for business in general. We will study the Budget in detail and update this summary with any information.