Ignition Credit

Business & Personal Asset Finance for the South West & Wales

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Autumn Budget Review

28th October 2021 By Katy Baker

Chancellor Rishi Sunak has announced a number of measures to support SMEs and encourage growth in his new budget.  Fortunately, the UK’s recovery from the pandemic has been stronger than expected. This has boosted tax revenues and reduced the requirement for financial support that was originally anticipated. In fact, the UK economy is now expected to grow by 6.5% in 2021, returning to its pre-pandemic level by the end of the year. GDP is forecast to increase by 6% in 2022.

  • Recovery Loan Scheme extension

The Recovery Loan Scheme (RLS) was launched in April and is designed to support businesses affected by Covid-19 that require additional finance for business purposes such as managing cashflow, investment and growth.  Originally due to close at the end of the year, the Chancellor announced that this scheme will be extended until 30th June 2022. Administered by the British Business Bank, the RLS includes a government-backed guarantee on business loans. This guarantee will be reduced from 80% to 70% to as the economy continues to recover. 

For more information on RLS and to see whether your business could benefit, click here. 

  • Annual Investment Allowance extension

To further stimulate business investment and help businesses grow, the government introduced a temporary Annual Investment Allowance (AIA) throughout 2020 and 2021, providing tax relief for plant and machinery investments up to £1m.  This was due to fall to £200,000 by the end of the year but has now been extended to 31 March 2023, providing a significant boost to businesses considering investing in the months ahead.

  • Business Rates changes

The Chancellor also announced a series of changes to business rates including a pledge to introduce business rate exemptions for eligible plant and machinery used in onsite renewable energy generation and storage, and a 100% relief for eligible heat networks from 1 April 2023 until 31 March 2035.  

There was also some good news for the retail, hospitality and leisure industries with the introduction of temporary business rates relief, meaning businesses in these sectors will receive at least 50% off their business rates bills in 2022/23.

  • The Global Britain Investment Fund

Innovative UK businesses are also set to benefit from a £1.4 billion investment fund – The Global Britain Investment Fund will provide grants to encourage internationally mobile companies to invest in the UK’s critical industries, including life sciences and automotive. This will include £354 million to support investment in life sciences manufacturing, increasing resilience for future pandemics, as well as £800 million investment in the production and supply chain of electric vehicles.

  • Alcohol duty reforms

Finally, the budget also brought some additional good news for the hospitality industry with alcohol duty reforms promising a more simplified system and hopefully some duty savings to come.

Filed Under: News

Can we help?

If you require assistance or further information call one of our finance experts on 01872 272900 or 0330 010 4282.

You can also request a quote online, or use our simple vehicle finance calculator.

Finance Products & Services

  • Asset Refinance
  • Finance Lease
  • Hire Agreement
  • Structured Payments
  • PCP (Personal Contract Purchase)
  • Hire/Lease Purchase
  • Contract Hire
  • VAT Deferrals
  • Tax Liability Finance
  • Invoice Finance
  • Commercial Loans
  • Loan and Chattel Mortgage

Our Products & Services

  • Asset Refinance
  • Finance Lease
  • Hire Agreement
  • Structured Payments
  • PCP (Personal Contract Purchase)
  • Hire/Lease Purchase
  • Contract Hire
  • VAT Deferrals
  • Tax Liability Finance
  • Invoice Finance
  • Commercial Loans
  • Loan and Chattel Mortgage

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What We Finance

  • Car Finance
  • Prestige Car Finance
  • Classic Car Finance
  • Motorsport Finance
  • Vans & LCV Finance
  • Haulage & HGV Finance
  • Ignition Marine Finance
  • Ignition Aviation Finance
  • Bus & Coach Finance
  • Horsebox & Trailer Finance
  • Agricultural Asset Finance
  • Renewable Energy Finance
  • Construction Finance
  • Engineering Finance
  • Technology Asset Finance
  • Refurbishment & Fit-Out Finance
  • Refresh, Refurb and Renovate with Ignition

About Ignition Credit

Registered Office
Sterling House,
Green Court,
Truro Business Park,
Threemilestone,
Cornwall,
TR4 9LF

Phone
01872 272900
0330 010 4282

Email
Sales Enquiries: [email protected]

Office Hours
Monday-Friday: 9:00AM-5:00PM

Cornwall Chamber of Commerce

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Copyright © 2025 Ignition Credit. All Rights Reserved
E&OE Company Registration Number: 4315993 | VAT Registration Number: 864 5933 85
Registered Office: Sterling House, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF

IGNITION CREDIT PLC is Authorised and regulated by the Financial Conduct Authority FRN 679018
IGNITION CREDIT PLC IS AN AUTHORISED CREDIT BROKER AND LENDER I Ignition work with a panel of lenders

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