Ignition Credit

Business & Personal Asset Finance for the South West & Wales

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Autumn Budget Review

24th November 2017 By Lisa Sutherland

Philip Hammond delivered his Autumn Statement this week, setting out some measures intended to boost business confidence, particularly on housing, tax and investment.  Ignition Director, Paul Caunter, explores what these changes will mean for SMEs:

“Whilst not necessarily ground-breaking, there are a few measures introduced by the chancellor this week that will be welcomed by UK SMEs. Specifically, many smaller firms will see their business rates stay the same or even decrease, now that calculations will be based on the lower Consumer Price Index (CPI) rather than the Retail Price Index (RPI).

Good news for growing companies is the announcement of an Action Plan to unlock £20 billion of new investment in UK scale-up businesses, which includes a new £2.5 billion fund administered by the British Business Bank (BBB).  The BBB’s successful Enterprise Finance Guarantee (EFG) programme has also been expanded for a further four years and expanded to £500m per year.  Ignition has access to this successful scheme, which can guarantee loans for business assets where there is little or no security in the purchase, and no security provided from the owners of the business, but can demonstrate the ability to service the proposed loan.

Measures to stimulate housebuilding, with targets to build 300,000 new homes per year, will be well-received by firms in the construction industry, as will plans to invest in infrastructure.  Locally in Cornwall, a £79m investment into a new A30 link road near St Austell will enable local growth and improve connectivity in the region.

Motorists are being persuaded to take the greener option, with investment in infrastructure for charging electric cars.  There’s a blow to any businesses with a fleet of diesel company cars, however, who will see a new vehicle excise duty (VED) applied and a rise in the existing Company Car Tax diesel supplement from 3% to 4%.

Finally, the Government announced plans to publish two consultations on lease taxation, responding to the recent introduction of IFRS 16, the new accounting standard for leasing.  As a leading vehicle and asset finance provider for UK SME’s, we’ll be keeping a close eye on these consultations and will keep our customers informed of any relevant developments.”

For further information or advice on any of these points, don’t hesitate to contact the Ignition team on 01872 272900.

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

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  • Structured Payments
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  • Tax Liability Finance
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  • 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
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  • Engineering Finance
  • Technology Asset Finance
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  • 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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