Autumn Statement 2023

Over recent days, the media has been awash with talk about personal and business tax cuts, stalling growth, the need to support businesses to invest, dropping inflation rate (to 4.6%) and soaring government borrowing figures.

Today, Chancellor Hunt delivered the Autumn Statement 2023, outlining his plans for tax cuts and spending whilst prioritising measures that the government is taking to drive economic growth.

Autumn Statement 2023 announcements

• 110 business growth measures to back British businesses including making full expensing permanent (the tax break was due to expire in 2026) – to help raise productivity, increase business investment and deliver higher levels of GDP.
• Commitment to delivering 1.4% growth in 2025, rising to 1.7% in 2028.
• Lowering borrowing to 4.5% of GDP in 2023/24, predicted (by OBR) to fall to 1.1% by 2028/29.
• Halved inflation as promised to 4.6% – with a commitment to making it lower next year.
• Investing £500m+ over the next two years to help make AI a powerhouse in the UK.
• Boosting the UK to be attractive to international investors with £4.5 billon of support over five years to 2030.
• Labour market – introducing a back to work plan to increase the number of people in work by 200,000 whilst cutting employee National Insurance by 2% to 10%.
• R&D – creating a new simplified tax relief.
• The creation of investment zones in UK will create 65,000 new jobs.

Please visit our Autumn Statement hub for further opinion on today’s announcements or speak directly to our tax experts.