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AAB Group / Blog / UK Autumn Statement 2023 | Business Implications Explained
BLOG23rd Nov 2023
Download Your Guide Today >
On November 22, 2023, Chancellor of the Exchequer Jeremy Hunt delivered his Autumn Statement 2023, which he called a “Statement for Growth”. The economic priorities included halving inflation, boosting growth, and reducing debt. In his speech, Hunt said that the Statement contained “growth measures to back business” and “measures to make work pay”.
So, what did we learn? and how will the new suite of measures introduced impact the UK economy, businesses and families both in the short and medium term?
Here are the key takeaways:
In the weeks leading up to the Autumn Statement, the press was full of speculation about tax cuts. This was a surprise as just over a year ago, the tax cuts announced by Kwasi Kwarteng were judged imprudent by the international markets, contributing to a fall in the value of sterling and increases in interest rates. Nevertheless, it seemed that a side effect of inflation was that higher incomes and prices had fed through into higher tax receipts; the Chancellor had more in his coffers – more ‘fiscal headroom’ – than had been predicted in the Spring, and commentators were suggesting what he might do with it.
Mr Hunt started his speech by claiming he was bringing forward 110 growth measures to back UK business. He did not list them all in the speech, but there is no doubt that the documents released on the internet when he sat down contained a mass of detail – some specific rule changes coming in on particular dates, and some outlines of plans that are being considered for later.
Our Download Guide summarises the main tax changes that were announced by Mr Hunt, with an explanation of what they are likely to mean for your business or your family. The Guide also includes a table showing the financial effects of the proposals, which highlights what is really significant and what is more marginal. Reductions in National Insurance amount to £9.3 billion in 2023/24 and similar amounts each year after that; changes to tax relief for capital expenditure come to similar amounts in the longer term. On the other hand, HMRC hope to collect £1 billion a year extra from the sinister-sounding ‘investment in debt management capability’.
Significant Points include: