Autumn Budget: A balanced approach offering stability and confidence for North East businesses
Response to Autumn Budget from Clive Owen LLP
Responding to the Chancellor’s Autumn Budget on Wednesday 28 October 2026, David Baggaley, Head of Tax and Tax Partner at Clive Owen LLP, one of the North’s largest independent accountancy and advisory firms, with an office in Durham, commented:
“The Autumn Budget is a significant one, being the first under Andy Burnham’s leadership, but I would describe it as balanced rather than transformational.
“Despite speculation ahead of the announcement about substantial changes to tax rates, many of those anticipated increases have not come about. That is welcome news and should reassure businesses and individuals alike.
“There are positive measures for businesses and households, including support with energy costs and an increase in the minimum wage. However, the latter will inevitably place additional pressure on employers already managing rising operating costs.
“For businesses across the North East, particularly those in the hospitality and leisure sectors, the increase in business rates relief from £12,000 to £18,000 is encouraging and will provide welcome support.
“However, there are areas of disappointment in relation to further tax increases on property and savings income which will impact savers. Furthermore, the government has announced a reduction in Business Asset Disposal Relief from £1 million to £500,000 for entrepreneurs. At a time when we should be encouraging entrepreneurship and business growth, this setback will affect some business owners looking to sell soon.
“On a more positive note, the announcement of Founders Relief is an encouraging step towards supporting people looking to establish new businesses, with the potential for future capital gains and income tax benefits and we look forward to understanding the details on how this will work.
“Ultimately, what businesses across our region are looking for is stability. Confidence is essential to investment, and investment is what will drive sustainable economic growth.
“While this Budget may not deliver sweeping changes, its relatively measured approach could provide the certainty businesses need to plan ahead, invest and grow. That, in itself, is a positive outcome for the North East economy.”
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