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20 Nov 2023

A focus on independent stores and ‘browse-only’ shops can help to reverse the fortunes of the struggling high street, new research shows.

15 Nov 2023

The British Independent Retailers Association (BIRA), which works with over 6,000 independent businesses of all sizes across the UK, has outlined its expectations from the government...

9 Nov 2023

Cytech has been named as the provider of Best Retailer Services in the 2023 BikeBiz Awards, recognising the positive impact of its service to the cycling industry. More than 25,000 Cytech...

7 Nov 2023

New survey data from Deloitte has shown a seven percentage-point rise in the number of UK consumers - from 19% in 2022 to 26% in 2023 - who intend to spend more in the last three months of 2023,...

7 Nov 2023

Communities across Cornwall can now apply for grants of up to £100,000 to improve High Streets, the council has said.

6 Nov 2023

A Christmas campaign encouraging Warwickshire’s independent town businesses to shout about why shoppers should buy from them this year is making a comeback.

6 Nov 2023

With just over six weeks until Christmas, The Times has named what it says are the seven prettiest towns in the UK for Christmas shopping, making special mention of the presence of independent...

2 Nov 2023

Cytech, the internationally recognised training and accreditation scheme for bicycle technicians, has relaunched its Cytech theory one online learning course delivering an introduction to...

23 Oct 2023

Cardmitment campaign launched to remind people of the power of sending greetings cards

23 Oct 2023

The International Longevity Centre has released new guides to show the steps retailers need to take to make their shops more accessible for the elderly.

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Spring Statement delivers positive news for SMEs

Posted on in Business News , Cycles News , Creative News, Outdoor News

Welcome measures in the Chancellor's announcement included the decision to bring forward more frequent business rates revaluations and additional funding for apprenticeships.

street shopsIn contrast to the speech he gave 12 months ago, the Chancellors Spring Statement announcement featured some positive steps, designed to "champion the job creators".

Firstly there was the news that the next business rates revaluation will take place in 2021, 12 months ahead of the previously scheduled 2022 date. The following revaluation will take place in 2024 in line with the new three-year time frame as announced in 2017's Autumn Budget.

Chief executive of the Association of Convenience Stores (ACS) James Lowman said: "Business rates are one of the biggest fixed costs for thousands of convenience retailers in the UK, many of which have seen significant increases in their rates bills as a result of the delayed last revaluation. We welcome the Chancellor's plans to bring forward more frequent revaluations to 2021 and VOA led assessment. We will continue to call on government to change the way that the business rates system deals with investment in stores. We need a business rates system that incentivises investment instead of discouraging it through higher rates bills."

Hammond also announced that up to £80m funding will be released to help small businesses hire apprentices.
Confirming the government's commitment to providing three million apprenticeship starts by 2020 through the apprenticeship levy, the chancellor announced that up to £80m funding will be released by the education secretary to support small businesses in hiring apprentices.

"We recognise the challenges the new [levy] system presents to some small business looking to employ an apprentice," Mr Hammond said.

"I can therefore announce today that the education secretary will release up to £80 million of funding to support small businesses in engaging apprentices."

A Treasury spokesperson however explained afterwards that this is "not new funding".

"It is not a new funding announcement. There were no new funding announcements in the spring statement," he said.

"It is from the existing DfE apprenticeship budget. I guess today will be the first time it has been publically announced in terms of where the money will be allocated, but it is funding that is awarded to providers to deliver training to businesses that don't pay the apprenticeship levy."

 

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