The Chancellor Rachel Reeves delivered her Autumn Budget, against the backdrop of a leaked Office for Budget Responsibility’s (OBR) outlook showing modest growth, weaker productivity and a tax burden rising to a record share of GDP. For businesses, the Budget brings a rebalanced business rates system with permanently lower multipliers for retail, hospitality and leisure funded by higher rates on large properties, changes to reliefs and capital allowances, new measures on electric vehicles and low-value imports, and extra support for apprenticeships, skills and local growth.
At a glance: what this Budget means for your business read on for more information
- Economy: The UK is expected to see slow growth, higher prices and a rising tax burden.
- Business rates and tourism: High streets gain from lower rates while larger sites and visitors pay more.
- Business owners and investors: Owners face higher tax on income, pensions and high-value homes.
- Investment and electric vehicles: Investment gets more upfront relief and EVs gain support but face a new road charge.
- Online shopping and parcels: All overseas parcels will now face customs duty rather than low-value exemptions.
- People and wages: Pay and minimum wages will rise, with funded apprenticeships boosting skills but adding to staffing costs.
- Local government and BIDs: Councils remain under financial pressure, increasing the need for BIDs and councils to work together.
- What this means for different BID members: Different sectors in the BID will feel these changes in different ways and to different degrees.
