The new Chancellor has delivered what is being dubbed as a “steady a she goes” first Budget. Here are a number of the key areas which affect business as announced today:

Business Rates Relief

Three measures were unveiled to help businesses adversely affected by the 2017 Revaluation of business rates:

  1. No business losing small business rate relief will see their bill increase next year by more than £50 a month
  2. 90% of local pubs (those falling below a rateable value of £100,000) will have a £1,000 discount on their business rates bill
  3. £435m for business affected by increases in business rates including £300m discretionary fund for local councils available to tackle issues in their local areas offering some comfort for hard-hit cases

Helen Dickinson, chief executive of the British Retail Consortium, said: “We hope that the relief measures will help some of those businesses hardest hit by the revaluation, albeit only temporarily. However, more short term relief measures continue to add complexity to an already impenetrable system. £435m is a drop in the ocean compared with the £25bn a year that the tax raises.

Inflation

Economy growth forecast is upgraded from 1.4% to 2% making the UK the second fastest growing economy in the G7 in 2017. A further 650,000 people expected to be in employment by 2021

Inflation is forecast to hit 2.4% this year, according to the Office for Budget Responsibility, falling to 2.3% in 2018 and 2% in 2019 and keeping it at, or above, the Bank of England’s 2% inflation target for three years.

Changes for Self Employed

The self-employed face an increase in their National Insurance contributions as the Chancellor aims to tackle what he said was the unfair burden on people in employment.

The 9pc levy on the profits of the self-employed will rise to 10pc next year and 11pc in 2019. Additionally, Reduction in tax-free dividend allowance for shareholders and directors of small private companies from £5,000 to £2,000 from April 2018.

Income Tax

The amount people can earn before they are subject to income tax, known as the personal allowance, is currently set at £11,000 and it has already been announced this will go up to £11,500 in April.