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Commercial Awareness Update - March 2020
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<blockquote data-quote="Jiraiya" data-source="post: 26444" data-attributes="member: 4295"><p><u>The UK Budget By@Rachel Strickland</u></p><p></p><p><strong><u>Story</u></strong></p><p></p><p></p><p>New Chancellor Rishi Sunak announced the UK budget on Wednesday, raising overall government spending by £76bn over five years to aid the flagging UK economy. This comes after an emergency interest rate cut from 0.75% to 0.25%. While extensive, key themes are Covid-19, levelling up the regions, housing, and the environment.</p><p></p><p></p><p>Small businesses fared particularly well. To name a few, business rates (with a rateable value below £51,000) will be abolished for the year, £130m is allocated to business start-up loans, and businesses with fewer than 250 employees can reclaim the cost of providing Statutory Sick Pay (‘SSP’) to employees off work in light of Covid-19 for up to 14 days.</p><p></p><p></p><p>As the UK looks to cement its position on a world stage, the promise to more than double spending on Research & Development (‘R&D’) by 2024, and invest £5bn in faster broadband across the country has been welcomed. Alongside £400m for the development of homes on brownfield sites, a new fund is set up to improve roads and infrastructure in cities— £5.2bn for flood defences alone between 2021 and 2027.</p><p></p><p></p><p>Other notable policies include scrapping the ‘tampon tax’ from January next year, promising to spend whatever it takes on the NHS and a plastic packaging tax to come into force from April 2022.</p><p></p><p></p><p><strong><u>Impact on Businesses and Law Firms</u></strong></p><p></p><p> </p><p></p><p>For businesses, beyond managing the combination of weakened demand, supply chain difficulties and staff absence in part of Covid-19, government support and lower interest rates will be welcomed. Construction output will rise with increased infrastructure investment, housing development will pick up and the UK may experience an increase in foreign direct investment with R&D, increased digital connectivity and support of UK start-ups.</p><p></p><p></p><p>Law firms will be involved with procurement strategy, advising on tax structuring, and housing development. Considering the focus on correcting the regional disparity, law firms with an established network of UK offices outside of the city like DWF, Pinsent Masons and Eversheds Sutherland may stand to benefit in the longer term. Similarly, the trend of law firms ‘northshoring’, moving legal and business services to regional bases like Hogan Lovells in Birmingham or Latham & Watkins in Manchester could grow.</p></blockquote><p></p>
[QUOTE="Jiraiya, post: 26444, member: 4295"] [U]The UK Budget By@Rachel Strickland[/U] [B][U]Story[/U][/B] New Chancellor Rishi Sunak announced the UK budget on Wednesday, raising overall government spending by £76bn over five years to aid the flagging UK economy. This comes after an emergency interest rate cut from 0.75% to 0.25%. While extensive, key themes are Covid-19, levelling up the regions, housing, and the environment. Small businesses fared particularly well. To name a few, business rates (with a rateable value below £51,000) will be abolished for the year, £130m is allocated to business start-up loans, and businesses with fewer than 250 employees can reclaim the cost of providing Statutory Sick Pay (‘SSP’) to employees off work in light of Covid-19 for up to 14 days. As the UK looks to cement its position on a world stage, the promise to more than double spending on Research & Development (‘R&D’) by 2024, and invest £5bn in faster broadband across the country has been welcomed. Alongside £400m for the development of homes on brownfield sites, a new fund is set up to improve roads and infrastructure in cities— £5.2bn for flood defences alone between 2021 and 2027. Other notable policies include scrapping the ‘tampon tax’ from January next year, promising to spend whatever it takes on the NHS and a plastic packaging tax to come into force from April 2022. [B][U]Impact on Businesses and Law Firms[/U][/B] For businesses, beyond managing the combination of weakened demand, supply chain difficulties and staff absence in part of Covid-19, government support and lower interest rates will be welcomed. Construction output will rise with increased infrastructure investment, housing development will pick up and the UK may experience an increase in foreign direct investment with R&D, increased digital connectivity and support of UK start-ups. Law firms will be involved with procurement strategy, advising on tax structuring, and housing development. Considering the focus on correcting the regional disparity, law firms with an established network of UK offices outside of the city like DWF, Pinsent Masons and Eversheds Sutherland may stand to benefit in the longer term. Similarly, the trend of law firms ‘northshoring’, moving legal and business services to regional bases like Hogan Lovells in Birmingham or Latham & Watkins in Manchester could grow. [/QUOTE]
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Commercial Awareness Update - March 2020
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