UNLOCKING GROWTH
AUTUMN STATEMENT
INTRODUCTION
As Jeremy Hunt stepped up to the dispatch box for his second Autumn Statement as Chancellor of the Exchequer, the nation’s attention was firmly fixed on potential tax cuts.
Last autumn, the Chancellor used his fiscal speech to brace the UK for a “storm” of tax rises. This year, however, with a fiscal windfall of around £27bn to play with, Hunt was able to turn his attention to reducing the tax burden for households and businesses.
The Chancellor announced “110 measures to help grow the economy”, including a 2% cut to the main rate of National Insurance (NI) from 6 January, alongside incentives to encourage business investment such as permanently extending the full expensing initiative.
The speech may have done more to answer calls from the backbenches for tax cuts than was expected a few months ago, but Hunt held off from announcing any changes to inheritance tax or income tax, despite much media speculation.
Hunt also used his speech to set out the Government’s new ‘back to work plan’, promising additional support for those with health conditions, raising the minimum wage and introducing stricter benefits rules to encourage more people to rejoin the workforce.
In this report, we provide a comprehensive overview of the Chancellor’s key announcements, guiding you through the intricacies of the latest fiscal changes and dissecting the impact on businesses and individuals alike.
01
The OBR releases its five-year forecast for the UK economy and public finances.
02
The Government’s ‘back to work plan’ increased the national living wage.
03
Support for SMEs, R&D, business rate support and more.
IMPORTANT INFORMATION
The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. The information in this report is based upon our understanding of the Chancellor’s 2023 Autumn Statement, in respect of which specific implementation details may change when the final legislation and supporting documentation are published.
This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. Pension eligibility depends on individual circumstances.
Whilst considerable care has been taken to ensure that the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information.
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