Chancellor Philip Hammond’s Autumn Statement maps out a new direction for post-Brexit Britain, with an emphasis on investment in infrastructure, housing, and boosting the UK’s productivity in a step away from the austerity-focused policies of his predecessor. Of particular note to businesses is the Chancellor’s commitment to supporting UK tech start-ups and preventing them from being absorbed by much larger companies, with £1bn of new funds being made available . This will be welcome news as it not only ensures the long-term survival of many fast growing start-up firms but it also ensures the UK’s status as a nurturing environment and hub for tech entrepreneurs.
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As predicted by many, Hammond’s economic growth forecast for 2017 saw a reduction to 1.4% from the 2.2% predicted in March. Even so, the pound rose slightly during the announcement, with high value investments such as funding local growth in the north and midlands, as well as funds for innovation and productivity, striking a positive note with the markets. However this optimism did not last long, as the uncertainty that still remains over the future of the UK’s economy due to Brexit still appears too great for the pound to escape. Analysts will likely be watching closely over the coming months to see whether or not the measures contained with the Autumn Statement will have the desired boost to sterling and the UK.
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