Yesterday, 22nd November 2023, Chancellor Jeremy Hunt delivered the highly anticipated ‘Autumn Statement for Growth’ to Parliament. With a focus on three key areas; ‘Reducing Debt’; ‘Cutting Taxes and Rewarding Work’; and ‘Backing British Businesses’, it will be interesting to see how the announcement will revitalise the UK’s economy.
Following the OBR’s confirmation that the UK economy will grow in each of the next five years, Hunt outlined 110 measures for businesses that are expected to support this. The statement acknowledged the value of business investment, in funnelling money back into the economy; creating jobs across multiple sectors; and hopefully supporting UK manufacturers and suppliers.
Hunt explained that rather than higher borrowing and untargeted support, creating the ideal conditions for the private sector to thrive is key to growing the economy. On the back of this, the statement focused on removing barriers for business investment, including by:
🍂 Making Full Expensing permanent
🍂 Allocating £4.5 billion to strategic manufacturing sectors
🍂 Defining several new Investment Zones
🍂 And many more!
Our full Autumn Statement summary captures the key elements of yesterday’s announcement, including the measures that will impact you on an individual level, as well as the key business measures.