The Chancellor, Jeremy Hunt, made his 2023 Autumn Statement speech and the highlights are as follows

Economic Growth Measures:

• No recession anticipated, with the implementation of 110 measures.
• The Office of Budget Responsibilities (OBR) projects increased business investment, reduced inflation, and higher employment.

Business Investment Initiatives:

• Plans to boost business investment by £20 billion per year.
• £50 million funding for apprenticeships in engineering and other key growth sectors.

Planning and Development:

• Commitment to prompt service from local authorities for businesses regarding planning applications, with a “money-back” guarantee.
• Allocations include £110 million for nutrient mitigation schemes supporting new house building.

Foreign Direct Investment and Pension Reforms:

• Introduction of a concierge service for large international investors.
• Various pension fund reforms, including a consultation on consolidating pension pots.

Inflation and Cost of Living Measures:

• Inflation reduced to 4.6%, projected to decrease further to 2.8% by the end of 2024.
• Measures to alleviate the cost of living, such as increases to Universal Credit and local housing allowance.

Debt Reduction and Government Borrowing:

• OBR predicts a decrease in headline debt from 94% of GDP to 91% in 2024 and 92.8% by 2028-29.
• Government borrowing set to be reduced to 1.1% by 2028-29.

Defense and Support for Veterans:

• Commitment to meeting NATO’s 2% GDP spending on defense.
• Extension of National Insurance relief for employers of eligible veterans.

Public Sector and Resources:

• Increase in the size of the civil service to pre-pandemic levels.
• Additional resources for HMRC to ensure tax compliance, aiming to raise £5 billion.

Support for Innovative Industries:

• £500 million over two years for innovation centers.
• Initiatives for creative industries, including a call for evidence on TV tax credits.

Investment Zones and Freeports:

• Extension of investment zone and freeport reliefs to ten years.
• Establishment of three new investment zones in the West Midlands, East Midlands, and Greater Manchester, along with a second zone in Wales.

Levelling Up Initiatives:

• Allocation of funds for new projects, levelling up in Scotland, and a program in Northern Ireland.

Small Businesses and Self-Employed Reforms:

• Requirement for timely invoice payments for companies bidding for government contracts.
• Freezing the Small Business Multiplier for another year and extending the 75% business rates discount for retail, hospitality, and leisure.

Business Investment Incentives:

• Full expensing on qualifying expenditure on plant and machinery to be made permanent.

Benefits and Support for Individuals:

• Introduction of new free childcare from April.
• Reforms to the fit note process and work capability assessment, along with significant investments to aid individuals with health conditions in finding jobs.

Individual Tax Cuts:

• Cut in the main rate of employee NICs by 2% from January 6, 2024, resulting in substantial savings for average salaried individuals.