Regional accountancy firm Bishop Fleming, which has an office in Bristol, described Philip Hammond’s first Autumn Statement as a clarion call to industry to be more productive and to make the UK ‘match fit’ for a bumpy Brexit ride ahead.
It said the Chancellor’s first fiscal statement promised billions of government money for houses, roads, rail and digital infrastructure, to get Britain building its way out of the debt black hole. 
His spending and tax incentive plans were firmly aimed at making the UK more dynamic, with tax giveaways for businesses and consumers. For businesses, he promised a new industrial strategy green paper before the end of the year, and a full review of R&D tax incentives.
The firm, which also has offices in Bath, Exeter, Plymouth, Torquay, Truro and Worcester, welcomed the investment in infrastructure and the review of R&D incentives, but expressed disappointment that there was no commitment to reducing business red tape, or reforming business rates.
Neither was there any promised let-up for landlords who, from next year, will face massive tax rises ushered in by the Chancellor’s predecessor.
However, business owners would welcome the previously announced reduction in Corporation Tax from 20% to 17% by 2020.
Bishop Fleming partner Andrew Browne, pictured above, said: “The promise of extra funds for innovation and R&D will help businesses, though the amount needed will have to increase over time as it’s not really anywhere near enough.
“Confirmation that corporate taxes will drop to 17% will make the UK a tax haven to make us attractive for inward investment – though the disparity between personal and corporate rates could lead to a rush to incorporate.”
He said that most businesses had been braced for an increase in petrol prices. “But having frozen fuel duty yet again there was a tangible sigh of relief,” he said.
Martyn Fraser, pictured left, a partner in the Bristol office of accountancy, tax and investment management group Smith & Williamson, hailed the Chancellor’s action to support ambitious scale-up businesses but said action needed to be taken now.
“Some of the key initiatives announced are very encouraging, as British businesses are currently losing out to their US and European counterparts who already have the environment to succeed,” he said.
“The launch of the Patient Capital Review and additional investment by the British Business Bank of £400m in venture capital funds to unlock further investment is a significant step forward and, as a corporate founder of the ScaleUp Institute, we can only applaud the government in recognising the importance of scale-up businesses to the UK economy.”
The attempt to encourage the development of leadership and management within businesses looking to scale was also very positive, he said, as well as the Chancellor’s promise to support exporters through UK Export Finance.
“In our recent survey of business owners, over 80% of respondents said the Autumn Statement needed to focus on small and scale-up businesses,” he added.
“Hopefully we can look back at this statement as the beginning of a Great British scale-up boom.”
Institute of Directors regional chairman Nick Sturge, pictured below, was surprised to see the sudden scrapping of the salary sacrifice scheme 
next April, which he said would “hit larger SMEs and corporates – and with little notice and time to implement”.
However, he welcomed the “significant investment” in money for universities as it would encourage and assist them to work more with businesses.
“We look forward to seeing the Industrial Strategy which we expect to provide more detail,” he said.
“We are pleased that there will be significant investment in broadband and with the £191m going to South West Local Enterprise Partnerships (LEPs) and £400m going into the British Business Bank – and the hint that this may be targeted outside the South East.
“We hope that will increase the money available to tech, digital and other firms wanting to scale up.”
The West of England Local Enterprise Partnership (LEP) welcomed the focus on increasing productivity and the need to tackle the infrastructure deficit, which its chair Stephen Robertson, pictured below, said matched its own local strategy for enabling economic growth. 
“We are looking forward to understanding in greater detail what the Housing Infrastructure Fund and National Productivity Investment Fund in particular will mean for our region and what our share of the new funding to tackle transport pinch points will be,” he said.
He was also keen to hear the outcome of the £1.8bn Local Growth Fund settlement, which would be invested in local projects to stimulate growth and deliver wider benefits for the area in terms of new jobs, new homes and economic growth.
Also critical to the West of England’s economy was the commitment to faster, more reliable broadband.
