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Compass Business Finance has secured an additional £15m in funding from the British Business Bank to help SME firms invest in new equipment to take their businesses forward.
The UK Chancellor of the Exchequer Rishi Sunak presented his Budget statement and spending review on 27 October. There have already been major announcements earlier this year of significant tax increases to take effect during the next two years.
These include higher corporation tax from April 2023 announced in a Budget statement in March; and last month’s announcement of 1.25% increases from next April in National Insurance contributions from employers, employees and the self-employed together with the same percentage to be added to income tax on corporate dividends. There were nevertheless some significant new announcements in the latest statement.
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The JobStart scheme for young people has officially launched at a virtual meeting with employers.
The £20million employer incentive scheme, which went live on April 2nd, is designed to support 16-24 year olds facing additional employment challenges due to the impact of Covid-19.
Two further interventions have been introduced by the Department for Communities this week to help create employment opportunities for young people and remove barriers for those seeking employment.
These are an Opportunity Guarantee strand of the Work Experience Programme and an Expanded Adviser Discretionary Fund.
The Department has also awarded contracts for the Work Ready Employability Services programme to help people improve their employability skills.