The Autumn Statement 2023
Last month Chancellor Jeremy Hunt delivered an Autumn Statement, in which he laid out changes in the way the UK Government collects tax. The statement included several updates, some of which will have a direct impact on your business.
The Statement at a Glance
- According to the chancellor, the Office for Budget Responsibility forecasts show that the UK's economy will grow by 0.6% this year and 0.7% next year.
- As a whole, the UK's economy is now 1.8% larger than it was before the COVID-19 pandemic.
- State benefits are to be increased by 6.7%, but more pressure will be put on those who claim them to find work.
- Inflation (the rate at which prices rise) is expected to fall to 2.8% by the end of 2024. This is according to the spending watchdog and is a dramatic fall from the 11.1% rate this time last year.
- A business tax discount will be implemented for the hospitality, retail and leisure industries. The chancellor says the discount is worth £4.3bn.
- The Government will invest an extra £4.5bn in manufacturing between 2025 and 2030.
- About £1m will be invested in aerospace companies and businesses working on green technologies.