Autumn Budget 2017

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.

The Channel Group

The Channel Group is an independent think tank established to champion free trade.

Latest posts by The Channel Group (see all)