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|Henry Howard Finance response to Autumn statement|
|Friday, 25 November 2016|
As the largest independent finance company in Wales, Henry Howard Finance (HHF) believe that the Governments autumn statement should hold positive news for the SME marketplace.
Philip Hammond, Chancellor, confirmed that corporation tax will be reduced to 17% as planned, down from 20%. The Government is also giving small businesses in rural areas a tax break worth up to £2,900 per year by increasing the Rural Rate Relief.
Additionally, £400m will be ploughed into venture capital funds through the British Business Bank to unlock £1bn in finance for growing firms.
Commenting on the statement, Mark Crook, Chief Operating Officer at HHF, said: “Quick and easy access to business finance is critical for small and medium sized firms.
“Throughout 2016 we’ve worked closely with the British Business Bank and others to lend to more than 5000 businesses from all sectors across the UK. The additional investment for the coming year is great news for UK-based fast growth companies that want to scale up quickly and succeed.”
He continued: “Traditional funding channels are increasingly facing tough competition from alternative finance providers like us, who have the flexibility and experience to approach proposals with a ‘can-do-will-do’ business attitude.”
The autumn statement also advised that the Department for International Trade will provide £500,000 a year for fintech specialists, and will commission an annual ‘State of UK Fintech’ report to be written by a regional network of industry champions.
Dan Proctor, Commercial Director at HHF commented: “Our award winning online leasing portal ‘HowApp’ is continuing to grow in popularity with our partners, and we consider the Governments pledge to support improvements in electronic ID verification as a welcome boost for the Fintech sector.
“We look forward to helping more businesses across the UK in 2017, as a result.”
Henry Howard Finance is forecast to lend more than £100 million this year and has already achieved its target to grow staff numbers to at least 100 by 2017.
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