Salisbury Business Improvement District

2022 Budget Round-up For Businesses

23rd March 2022

Chancellor Rishi Sunak has today (23rd March 2022) delivered his Spring Statement claiming it will put “billions back into the pockets of people across the UK” and support businesses in the uncertain months ahead. 

He set out a series of measures the government hope will help businesses boost investment, innovation, and growth – including a £1,000 increase to Employment Allowance to benefit around half a million smaller firms. 

This Budget comes against a backdrop of war in Ukraine, with the Chancellor making clear today that  sanctions against Russia will not be cost-free for us, and that Putin’s invasion presents a risk to our economic recovery – as it does to countries all around the world. 

We have already seen the cost of living rise again, with official figures released today showing prices rose by 6.2% in the 12 months to February - the fastest for 30 years - as fuel, energy and food costs surged. 

To lift growth and productivity among UK businesses, Mr Sunak set out plans to boost private sector investment and innovation and bring in a new culture of enterprise. 

For businesses, the main points from today's Spring Statement include: 

  • A cut in fuel duty by 5p per litre 
  • By 2024, the basic rate of income tax will be cut from 20p to 19p in the pound 
  • Employment Allowance for businesses will increase from £4,000 to £5000 from 6th April 
  • Retailers among businesses to receive a 50% discount on their business rates bill 
  • A rise in the threshold for paying National Insurance (NI) by £3,000 
  • National living wage is rising to £9.50 an hour (as announced in the Autumn Budget) 
  • Bringing forward an exemption on business rates for green technology 

Dan Collins, Salisbury BID Business Manager said: "We welcome any extra support for businesses. It has been a hard few years and the tough times will continue as businesses deal with the rise in costs and fuel. Despite this, Salisbury has remained strong with the support of the local community. Vacancy rates still remain below the national and regional average and businesses continue to choose the city as their new home. And, as tourism continues to improve, there is reason to be optimistic.”  

More information on today’s budget announcement can be found on the government website, plus, the Salisbury BID team are on hand for any advice and support. Contact us on