Ignition Credit

Business & Personal Asset Finance in Cornwall

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Spring Statement Review

18th March 2019 By Katy Baker

Paul Caunter reviews the 2019 Spring Statement and explores the measures most likely to affect SMEs:

With a backdrop of ‘clouds of uncertainty’ over Brexit, Philip Hammond’s Spring Statement was surprisingly positive for UK SMEs, but on the proviso that the country manages to avoid a no-deal Brexit scenario.

  • Tackling late payments

The Chancellor pledged to tackle the problem of late payments, which continue to affect cash flow for SMEs.  Large companies will need an audit committee, led by a non-executive director, to report on payment practices when dealing with small businesses in their annual accounts.

  • Energy efficiency

The Statement also included a pledge to help small businesses cut their carbon emissions and lower their energy bills.  The Chancellor called for evidence on the Business Energy Efficiency Scheme, to see how the government might support investment in energy efficiency measures.

  • Apprenticeships

Acknowledging the financial difficulties the Apprenticeship Levy places on small and medium sized businesses, the Chancellor announced he will be bringing forward his plan to provide £700 million to help SMEs invest in apprenticeships. From 1st April, the co-investment amount paid by employers will reduce from 10% cent to 5%.

  • Digital competition rules

The Chancellor also announced that he will respond later in the year to findings from a report into competition rules for the digital age, with a view to boosting competition and innovation for the benefit of consumers and businesses.

For further information 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 expert advisers on 01872 272900.

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
  • Operating Lease
  • VAT Deferrals
  • Corporation Tax Loans
  • 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
  • Operating Lease
  • VAT Deferrals
  • Corporation Tax Loans
  • Invoice Finance
  • Commercial Loans
  • Loan and Chattel Mortgage

Get a Quote Today

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What We Finance

  • Car Finance
  • Prestige Car Finance
  • Classic Car Finance
  • Motorsport Finance
  • Vans & LCV Finance
  • Haulage & HGV Finance
  • Bus & Coach Finance
  • Horsebox & Trailer Finance
  • Agricultural Asset Finance
  • Renewable Energy Finance
  • Construction Finance
  • Engineering Finance
  • Technology Asset Finance
  • Refurbishment & Fit-Out Finance
  • Catering Finance

About Ignition Credit

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

Phone
01872 272900

Office Hours
Monday—Friday: 9:00AM–5:15PM

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Copyright © 2021 Ignition Credit. All Rights Reserved
E&OE Company Registration Number: 4315993 | VAT Registration Number: 864 5933 85 | Authorised and regulated by the Financial Conduct Authority FRN 679018 Registered Office:- Sterling House, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF

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