Today’s budget featured important updates on a variety of subjects but three takeaways which stood out to us from a business finance perspective are:
- Recovery Loan Scheme
With Bounce Back and CBILS coming to an end there will be a replacement scheme. Full details are yet to be shared with lenders but the Chancellor did tell us loans will range from £25,000 to £10 million and will have an 80% government guarantee. We assume there will be no Business Interruption Payment (interest holiday).
- Super Deductions
130% capital allowance ‘Super Deductions’ will be allowed, encouraging business to invest in equipment and infrastructure. With corporation tax increases coming this is sure to be popular. Hire Purchase can be used with this allowance.
- UK Infrastructure Bank
A new investment bank based in Leeds with £12 billion to invest in public and private projects. We await further announcements on how this will be distributed.
If the news today has brought up any questions about the future funding for your business please give us a call today on 01548 854334.