Davenham Asset Finance
Call Us: 0161 832 8484
email: enquiries@davenham.co.uk
  • Home
  • What is Asset Finance?
  • Meet Our Team
  • Asset Finance
    • Asset Refinance
    • Vehicle Finance & Refinance
    • Construction Finance / Plant & Machinery Finance
    • Machinery & Equipment Finance
    • Agricultural Finance
    • Printing Equipment Finance
    • Finance Lease
    • Machinery Tool Finance
    • Recycling & Renewables Finance & Lending
    • Hire Purchase/Lease Purchase
    • Short Term Finance
    • Turnaround Finance
  • Brokers
    • Treating Customers Fairly
  • Case Studies
  • News
  • Blog
  • Careers
  • Contact Us
BLOG: 20 MARCH 2018

DAVENHAM'S VIEW ON THE SPRING STATEMENT FOR THE ASSET FINANCE SECTOR

We’ve now had a week to really absorb the Spring Statement from the Chancellor, with plenty of commentary and views on what it all means, but here at Davenham Asset Finance we’ve extracted the positives, and how the Statement will affect our industry.

As an overview, Philip Hammond in his Statement to Parliament, essentially wants to help people and businesses to be able to plan better with a view to creating an environment of stability.

Economy on the up
It was reassuring to see that our Economy is continuing to grow for the fifth consecutive year, against all expectations with 3 million jobs created since 2010 equivalent to the rate of 1,000 people appointed to roles per day. Of relevance to the Asset Finance market in particular as one of our core sectors, UK manufacturing has experienced 50 years of expansion, which is encouraging news.

Support for the construction sector
Construction firms will benefit from the £44billion investment programme to build the 300,000 new homes needed per year. Furthermore, approximately 60,000 first time buyers have benefited from the abolishment of stamp duty since the Autumn Budget.

Bringing forward the Business Rates review
Following on from the Autumn Budget where the revaluation of business rates was upgraded from every 5 years to every 3 years, on Tuesday, the Chancellor announced that the next review will be brought forward one year to 2021 allowing business to benefit earlier.

Improved intercity links
The Statement included an invitation for bids from cities for some of the £840million pot to improve their transport, with £1.7bn already given to Combined Authorities with Mayors. This again offers positivity for another of our asset finance markets which is great news.

Less digital downtime
Of the £190million Challenge Fund rolling out full fibre broadband for homes and businesses, announced in the Autumn Budget, the Spring Statement has identified 13 areas across the UK to receive the first £95million.

Tax system survey
Philip Hammond announced a number of potential changes to the tax system and invited views on these suggestions including:
  • Tax implications related to plastics recycling where any money generated would be used for research by universities and to generate greener products. This may be a result of the current plastics crisis as an effect of China’s decision to stop importing plastic recyclables, and you can read more on our blog on this here.
  • Ensuring fairness is applied to multinational digital businesses.
  • Assessment of cash versus increased electronic payments across all industries and how this affects the economy, including money laundering.

Brexit on budget
We have to close on the B word! £1.5bn has been spent so far of the allocated 2-year £3bn budget allocated to departments managing our departure from the EU. Will we end up divorcing with money in the bank or having overspent in the process? This is one I’m sure we’ll continue to be updated on as the relationship talks continue.
 
So there you have it, a quick review of what we feel the main issues are for UK businesses, and in particular the asset finance market. If you’d like to discuss any of the points made above, please do get in touch with one of our team at Davenham Asset Finance on 0161 832 8484.
Tweets by @DavenhamAssetFi
​Davenham Asset Finance is not authorised by the FCA to conduct regulated business and thus can only provide asset finance and asset refinance solutions to non-regulated businesses.

Subscribe to our Mailing List

To receive the latest business funding news via our newsletter, please Opt In to our newsletters below. We will never share your data and you can find more on how we comply with Data Protection in our Privacy Policy.
* indicates required
Assets Financed
• Construction Plant & Machinery
• Engineering Equipment
• Printing Machinery
• Manufacturing Machinery
• Agricultural Machinery
• Private Vehicles 
• Haulage Vehicles
• Bus & Coaches
Types of Finance Offered
• Finance Lease
• Hire Purchase/Lease Purchase
• Refinance of existing assets
• Turnaround finance
•
 Short Term Funding
Part of the Davenham Group  including  www.davenhamtradefinance.co.uk
Registered Office 55 King Street, Manchester M2 4LQ.      Company Number 08356079

Picture
Picture
Picture
Picture
Picture
Website designed by The VIVIDesigner
Careers  | Sitemap | Cookies Policy | Privacy Policy | Terms & Conditions