January 25th, 2016.
Business in 2015: A Reflection
December is flying by quickly and the year is drawing to a close, so it’s time to stop and take a look back on the last 12 months. Have there been changes in legislation that have affected UK businesses? And has government-promised business help had the intended influence?
Let’s reflect on the business world in 2015.
2015 For the Business World
On the 7th May 2015, the UK general election, saw Conservative party leader David Cameron appointed Prime Minister for the second time. After this, we reflected on what this could mean for business.
Read more: Post-Election Reflection: Business Expectations with the Tories
Now, 6 months on, how has life changed for businesses in the UK? Well, honestly, not a lot. There is no current EU referendum planned, living wage will officially be implemented next year and despite figures being positive in 2014/2015, the number of new homes has not hit the governemnt’s build target yet.
In the middle of the summer we got the great news that our MD, Ben Lloyd, had been named on WalesOnline’s 35 Under 35 list for the second year in a row.
Read more: Pure Commercial Finance MD Named on 35 Under 35 List
The same month George Osbourne delivered the very first Budget of the new Tory government. One of the main focuses for workers were the changes to the Personal Allowance. It was announced that over the next two years the allowance will rise by £200 annually; from £10,600 now, to £10,800 next year and £11,000 in 2017/2018.
The budget also revealed plans for a comprehensive business rates review. It was hoped this would make a positive impact on small businesses, however the latest news reveals the results of the review will not be heard until next year’s budget, so there will be a long wait for SMEs.
The Guardian reported in September: ‘Industry sources with knowledge of the talks between retailers and the Treasury warned they were “extremely concerned by the lack of ambition” and that “patience is running out across the business community”.’
After the latest Spending Review, the Department for Business, Innovation and Skills (BIS) announced that the Business Growth Service will be closed down by March 2016. The announcement on November 26th said that funds will be invested in Growth Hubs instead, but it’s too early yet to reflect on whether this was a good decision or not.
2015 has been a trying year for UK businesses and has seen a lot of changes planned, we now have to wait to see these implemented in 2016.
However, if you can’t wait until then, we can help find you finance to get your projects moving, now! Get in contact to speak to one of our trained financial brokers about your options today.