What’s in the Budget for scaleup businesses?

Here at Wadds Inc., we work with agencies with plans to grow. Our founders and management teams want access to markets, skills, tech and finance. Let’s see how yesterday’s Autumn Budget checked out, outside of the headlines on employer NICs, the National Living Wage increase and Capital Gains Tax.

Here are our top ten spots:

1)    It was good to see SMEs a focus. The Chancellor announced a Small Business Strategy paper aimed at “making it easier to access finance, opening up overseas and domestic markets, building business capabilities, and providing a strong business environment.” It’s to be published next year - we’ll be keeping our eyes peeled and will report back when ready. 

2)    Stephen has already written about the Industrial Strategy, but yesterday’s Budget included tax reliefs for the creative industries, equalling £15bn of support over the next five years.

3)    Springing out of the Industrial Strategy is a Review of Technology for Growth, Innovation and Productivity; we’ve taken this as another watching brief. 

4)    We’re huge proponents of lifelong learning so welcome the £40m investment in the Growth and Skills Levy, which will see the introduction of foundation apprenticeships for younger people, as well as shorter apprenticeships designed to give learners and employers more flexibility. 

5)    In terms of Growth Capital, the British Business Bank has been awarded £1bn, including over £250m each year for small business loans programmes, with £50m invested in women-led funds.

6)    R&D investment continues with £20.4bn committed across 2025/2026.

7)    The Government’s new Corporate Tax Roadmap is aimed at delivering a “stable and predictable tax environment which provides the confidence needed to encourage investment, innovation, and growth over the long-term.” This sees Corporation Tax capped at 25%, the Small Profits Rate retained and marginal relief at current rates and thresholds. It also maintains key features as such as full expensing and the £1m annual investment allowance.

8)    Business Asset Disposal Relief (previously known as Entrepreneurs’ Relief) remains at 10% this year, before rising to 14% on 6 April 2025 and 18% from 6 April 2026/2027. 

9)    Our clients in Scotland, the West Midlands and North West will be pleased to see the extension of the Innovation Accelerator Programme.

10) The SME Digital Adoption Taskforce is being extended and is due to report in early 2025. The details of a £4m pilots package to encourage SME tech adoption is expected in due course from the Department for Business and Trade. 

The Wadds Inc. perspective

Our view? There is always something to grumble about but it was good to finally see a budget based on strategic thinking and building the foundations for long-term growth, however much we’d all like it to materialise quickly. And, as the Guardian reports, we also believe that:

“Ideally, progress should be measured not only by government benchmarks but also by broader notions of social welfare and wellbeing.”

Finally, it was GREAT to see a Budget delivered by the first female Chancellor. Well done and thank you for showing what can be achieved, Rachel Reeves. 

Photo credit: Rachel Reeves MP.