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Your business guide to the Spring Statement from the Chancellor of the Exchequer

What were the key measures announced? We have summarised the key points you need to know.

On 23 March,  the Chancellor set out the 2022 Spring Statement outlining a series of measures to support businesses. We have summarised the key points you need to know. 

Business support

From 23 March 2022  

  • Fuel duty on petrol and diesel will be temporarily cut by 5p per litre for 12 months.  

From April 2022 

New measures 

  • Business rates exemption for green technology will be introduced 
    • Eligible plant and machinery used in onsite renewable energy generation and storage including solar panels and heat pumps, will be exempt from business rates  
    • A 100% relief for eligible low-carbon heat networks which have their own rates bill will also be available 
    • These measures were planned to take effect from April 2023 but have now been brought forward. 
  • The Employment Allowance will be increased from £4,000 to £5,000 
    • This means that eligible businesses will be able to further reduce their employer National Insurance contributions (NICs) bills each year 
    • This will take effect on 6 April 2022 

Previous Support announced  

  • Freeze to the business rates multiplier from 1 April 2022 until 31 March 2023 
  • Introduction of a new temporary 50% business rate discount for eligible properties in the retail, hospitality, and leisure sectors in 2022-2023 capped at a maximum of £110,000.   

Ahead of April 2023, the government will be engaging with business organisations and other interested parties regarding reforms to best support future business investment. A series of potential policy changes to the UK’s existing capital allowances regime has been announced and can be seen here.

From April 2023 

  • R&D tax credits will be reformed to drive innovation 
    • All cloud computing costs associated with R&D, including storage, as well as pure maths research costs will qualify for relief. 
    • Draft legislation will be published in summer 2022 
    • The government will also legislate so that expenditure on overseas R&D activities can still qualify where there are:  
      • material factors such as geography, environment, population, or other conditions that are not present in the UK and are required for the research – for example, deep ocean research 
      • regulatory or other legal requirements that activities must take place outside of the UK – for example, clinical trials  

Previous business support announced in the Autumn Budget  

  • The temporary £1 million level of the Annual Investment Allowance was extended to 31 March 2023. 
    • The Annual Investment Allowance allows businesses to deduct in-year the full value (100%) of qualifying plant and machinery investment (excluding cars) in one go, up to a limit of £1 million. 
    • It is available to sole traders and partnerships, as well as to incorporated companies, covering the qualifying plant and machinery expenditure of over 99% of businesses 
  • The Transitional Relief and Supporting Small Business Relief for small and medium properties were extended into 2022-23. 
    • The scheme will restrict increases in bills to 15% for businesses with small properties (up to and including £20,000 rateable value) and 25% for medium properties (up to and including £100,000 rateable value).

If you are based in Greater Manchester or Lancashire, our Access to Finance team can help you understand the different government financial schemes, as well as signpost you to alternative sources of funding and assist with managing cashflow.

Contact our Access to Finance team

Support for the self-employed

From April 2022 

  • Self-employed individuals with profits between the Small Profits Threshold and Lower Profits Limit will continue to build up National Insurance credits but will not pay any Class 2 NICs.  

From July 2022 

  • The annual National Insurance Primary Threshold and Lower Profits Limit, for the self-employed will increase from £9,880 to £12,570.

Whether you consider yourself as a business owner, a freelancer or somebody working in the gig economy, EnterprisingYou is a free programme that could support you in your self-employment journey. Whatever you’re facing, whether financial issues, instability with work, health barriers or not knowing what step to take next; there is support available.


View the Chancellor's full speech in the House of Commons Read the Spring Statement in full. This includes all supporting documents

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