The Chancellor’s Autumn Budget, delivered today, sets out measures aimed at stabilising the economy, tackling inflation, and driving growth. For small and medium-sized enterprises (SMEs) in Swindon and Wiltshire, several announcements stand out as particularly relevant.
Business Rates Relief and Support
Retail, hospitality and leisure businesses will benefit from permanently lower business rates. The small business multiplier will fall to 38.2p and the standard multiplier to 43p in 2026–27, the lowest levels in decades. Over 750,000 properties nationwide are expected to benefit, including many high street businesses in our region. A £4.3 billion support package will cushion those facing increases, alongside extended transitional relief and targeted schemes for smaller firms.
Backing Growth and Innovation
The government is expanding the Enterprise Management Incentives scheme to include scale-ups, making it easier for growing businesses to attract and retain talent. Limits for Venture Capital Trusts and Enterprise Investment Schemes will rise, unlocking more investment for innovative firms. The British Business Bank will deploy £5 billion into growth-stage funds and explore IP-backed lending, creating new opportunities for SMEs in advanced manufacturing, tech and green sectors.
Skills and Workforce Development
A £1.5 billion employment and skills package includes the Youth Guarantee and Growth and Skills Levy. For SMEs, this means fully funded apprenticeships for under-25s and simplified systems for training. These measures aim to address local skills shortages and help businesses recruit and retain talent.
Regulatory Reform and Cost Reduction
The Budget promises to cut the annual regulatory burden by £5.6 billion by the end of Parliament. Planning reforms under the new Planning and Infrastructure Bill will streamline approvals and reduce costs, while corporate reporting requirements will be simplified. These changes should ease administrative pressures on SMEs and speed up development projects.
Tax Changes and Compliance
While headline rates of income tax and VAT remain unchanged, there are notable shifts in property, dividend and savings income taxation from 2026 onwards. SMEs should also prepare for Making Tax Digital reforms, mandatory e-invoicing for VAT from 2029, and enhanced enforcement against tax evasion. Capital allowances will be adjusted, with a new 40% First Year Allowance for main rate assets introduced in January 2026.
Regional Growth and Infrastructure
The Budget commits significant funding to local growth initiatives, including £902 million for mayoral city regions and £783 million for devolved nations. While Swindon and Wiltshire are not currently part of a mayoral authority, these investments signal opportunities for future regional partnerships and supply chain benefits. Additional funding for planning capacity and infrastructure projects will support housing and transport improvements, creating knock-on benefits for local businesses.
What This Means for You For SMEs in Swindon and Wiltshire, the Budget offers a mix of relief and responsibility: lower business rates for many, new investment opportunities, and support for skills development, alongside tighter compliance requirements and evolving tax rules. Businesses should review their growth plans, explore funding streams, and prepare for digital tax changes.
The Growth Hub will continue to provide guidance and connect local firms with the support available. For tailored advice, call us today.