George Osborne’s Autumn Statement was met with mixed reactions this week as he unveiled a reduced growth forecast and increased pension age alongside extra spending for small businesses, schools, youth unemployment, house building and infrastructure.
For Northamptonshire’s businesses however, many of the new measures announced this week are set to have a positive impact. Country wide, the scrapping of the planned 3p January fuel duty rise will save the average family around £144 per year, while in Northamptonshire, our numerous logistics businesses will see a significant benefit from this measure, as will the county’s countless businesses that depend heavily on transport.
Also on the topic of transport, Mr. Osborne announced 35 new transport schemes as part of a £5bn national infrastructure plan to revitalise the UK's economy. This included £113.4m improvements to the A14, with the Kettering bypass upgrade getting the go ahead along with other road widening and safety measures. As one of the most important east-west trade routes in the county, these A14 improvements will make a significant positive impact on the local economy.
Northamptonshire’s economy is dependent on its large number of small and growing businesses and the £40bn credit easing scheme announced in the Autumn Statement will help support these businesses by making it simpler to underwrite bank loans to small firms. This aims to cut interest rates by 1%, and will support growing businesses access the funds needed to help them continue to grow.
There is no doubt that the country faces tough times ahead but we believe Northamptonshire is well placed, through its many innovative and entrepreneurial businesses, to continue to grow and develop a strong economy going forward.
