WHAT THE AUTUMN STATEMENT MEANS FOR STOCKPORT

What the AUTUMN STATEMENT means for Stockport businesses from Andrew Stunnell MP

Reducing the cost of Business Rates

The Government announced a £1bn package of measures to help reduce the cost of business rates.

The Coalition Government has decided to extend the doubling of Small Business Rate Relief to April 2016 and to also cap the increase in business rates at 2%. 

There is also assistance for 16,000 smaller business properties that would have faced steep bill increases due to the ending of Transitional Rate Relief by extending their transitional arrangements to March 2017. 

Apprentice help

The cost of taking on a young apprentice has been cut by abolishing employer National Insurance Contributions for apprentices aged under 25 on earnings up to the upper earnings limit.  In Stockport, local businesses have already put their weight behind the apprenticeship programme, helping many young people get their foot in the door of their chosen career, and providing extra value to employers.  In the last 12 months 2,780 apprenticeships were created in Stockport, and the UK’s first Apprenticeship Store opened in Stockport Exchange.  Youth unemployment has dropped by over half since 2010.  

Employment Allowance extension

The Employment Allowance, which has provided nearly 90,000 North West employers with a reduction of up to £2,000 on their National Insurance contributions bill since the scheme was launched in April, will be extended from April 2015 to include individuals employing care and support workers for themselves or a member of their family.

•  However figures show that nearly a third of businesses have not yet taken up the allowance, and you may want to check and make sure that your own enterprise is getting the benefit of this tax relief.

Business Bank Boost

The Business Bank set up by Vince Cable two years ago has been boosted by a further £400million to help to encourage enterprise throughout the UK.  I continue to talk to all the major banks about how they can better support local businesses, and to ask questions in Parliament.

• If access to finance from the banks is a problem for your company do please let me know.

Super Connected Cities Programme extension

The Super Connected Cities Programme is to be extended for 12 months to March 2016 across Greater Manchester.  This scheme has already issued over 800 vouchers which provides SMEs with up to £3,000 to go towards broadband connection upgrades. 

Greater Manchester Growth Deal

The Deputy Prime Minister, Nick Clegg, visited Stockport recently to sign the Growth Deal, which will see £476.7million invested in Greater Manchester.  It will help to create up to 5,000 jobs, support over 75,000 people learning new skills and generate up to £80 million of additional public and private investment in Greater Manchester. 

Linked to that is the historic ‘City Deal’ agreement over devolution for Greater Manchester, which will bring more powers back to the area, and help maximise the economic potential of the whole of the North, helping it to become the ‘Northern Powerhouse’ we know it can be.

These are exciting times for our region, with major infrastructure investments in rail and roads already underway, and more now committed.   But of course crucial to success for the North, and indeed the growth of our national economy, is the success of businesses like yours.