Our response on the Autumn Statement

Jason Stockwood

Simply Business welcomes the reinvigoration of the loan guarantee scheme.

  • By Jason Stockwood
    Chief Executive Officer
  • 9 December 2011

The UK is in dangerous economic straits. The deepening crisis in the euro area, and significant homegrown problems, have conspired to create an uncertain medium-term future for Britain.



Small businesses will be the driving force behind any economic recovery, and today’s Autumn Statement was an important opportunity for the government to assuage some of the concerns held by those firms. But, while the Chancellor announced a handful of reasonable new measures to help small businesses, the speech was worryingly light on substance.

Our response on the Autumn Statement

The UK is in dangerous economic straits. The deepening crisis in the euro area, and significant homegrown problems, have conspired to create an uncertain medium-term future for Britain.

Small businesses will be the driving force behind any economic recovery, and today’s Autumn Statement was an important opportunity for the government to assuage some of the concerns held by those firms. But, while the Chancellor announced a handful of reasonable new measures to help small businesses, the speech was worryingly light on substance.

Simply Business welcomes the reinvigoration of the loan guarantee scheme. We hope that this will enable the smallest, most agile businesses to secure credit – an important priority that the government’s original credit easing plans seemed to lack. We also welcome the extension of the business rate holiday, and hope that this will be further extended come April. But these announcements, while positive, are entirely insufficient in the face of the challenges endured by the country’s small businesses.
Small firms remain concerned about the state of the UK economy, and today’s downgraded growth forecasts do nothing to help. These numbers are indicative of a stuttering economy, suffering from a lack of effective demand. The government needs to take decisive action to rebuild confidence in the economy, while considering bolder, more inventive measures to help small businesses fulfil their potential.