Businesses across the UK are expected to see £20bn worth of investment per year over the next decade, as part of reforms covered in the Government's autumn statement.

The Chancellor, Jeremy Hunt, announced that measures to back businesses “big and small” will remove barriers to investment and help bridge the productivity gap between the UK and the G7.

The reforms include a business rates support package worth £4.3bn over the next five years, which aims to help high streets and small businesses. This includes a rollover of 75% retail, hospitality and leisure relief for 230,000 properties and a freeze to the small business multiplier, which will protect around 90% of ratepayers for a fourth consecutive year.

Hunt said: “This will save the average independent pub over £12,800 next year and at a cost of £4.3bn, it is a large tax cut which recognises the role of pubs and high street shops in our communities.”

Pension reforms, including the establishment of a new growth fund within the British Business Bank, is expected to unlock an extra £75bn in financing for high-growth companies by 2030, while providing an extra £1,000 a year in retirement for the average earner saving from 18.

Hunt also announced measures that will see SMEs supported with tougher regulation on late payers to improve prompt payments. The expansion of Made Smarter in Great Britain and continued funding for Help to Grow is also expected to support these businesses.

Furthermore, the Climate Change Agreement Scheme will be extended, giving energy intensive businesses such as steel, ceramics and breweries around £300m of tax relief every year until 2033 to encourage investment in energy efficiency and support the net zero transition.

Although there has been some praise for these changes, some industry leaders have stated that the autumn statement has not done much to support them.

Director at mortgage broker, Charwin Private Clinets, Ranald Mitchell, said: “Massive disappointment for the much-anticipated backing of small businesses. Retail and hospitality will benefit, however, from a 75% discount on the already scandalous business rates, but other than that, nothing.”

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