British Bankers’ Association welcomes measures for businesses and growth in Autumn Statement 2012
British Bankers' Association chief executive Anthony Browne said:
"This was an Autumn Statement which focused clearly on supporting the UK's businesses. There were a number of targeted measures designed to help the UK's businesses and particularly SMEs.
"In our pre-statement submission to the Chancellor we called for steps to support growth and exports. We welcome today's announcements and will work with the Treasury and the business community to ensure companies gain maximum benefit from the opportunities before them to invest and grow and to support economic recovery."
"We welcome the rise in the annual ISA investment allowance to £11,520, and so will many savers. We are particularly pleased that the Government is consulting on including shares quoted on junior stock markets such as AIM. This is a welcome development the BBA has been requesting for some time."
Measures to help business
"In our submission to the Chancellor we asked for changes to encourage business growth. We are pleased the Chancellor has acted on a range of measures, including the increase in the capital allowance for plant and machinery we requested and the support to export activity.
"There is also more money for local enterprise partnerships and regional growth funds, as well as for the new business bank, and recognition of the BBA Business Finance Taskforce initiatives, including the Business Growth Fund and the scheme to refer businesses that are declined bank finance to their local community development finance institution (CDFI)."
"The bank levy was designed to raise a target amount every year - currently around £2.5bn - and therefore it is regularly recalibrated. The levy is calculated as a percentage on banks' balance sheets, which are clearly subject to change, and is also designed to offset the effect of the corporation tax cuts for other business sectors. The banks are committed to meeting all of their tax obligations. What they ask - along with all businesses - is stability in the tax system so they can reasonably plan for the future."
Notes to Editors
The Chancellor of the Exchequer's Autumn Statement is at http://cdn.hm-treasury.gov.uk/autumn_statement_2012_complete.pdf. The BBA's work with members to help businesses begins on page 73 (par 2.116 to 2.122)