Autumn Statement – 2023 Summary

Chancellor Jeremy Hunt unveiled the government’s latest tax and spending plans, starting by revealing updated economic projections produced by the Office for Budget Responsibility (OBR).

One of the main measures to back British Business is to make the ‘full expensing’ tax break for businesses permanent, at a cost of £11bn a year. The National Living Wage for individuals increases from £10.42 an hour to £11.44 an hour. The pensions Triple Lock remains – the new State Pension will increase in April 2024 from £203.85 per week to £221.20 per week, while the basic State Pension will rise from £156.20 to £169.50 per week. Class 1 employee NICs will be reduced from 12% to 10%. Self-employed people with profits above £12,570 will no longer be required to pay Class 2 NICs. As part of levelling up, three new Investment Zones have been introduced in Manchester, the West Midlands and the East Midlands.   Mr Hunt ended saying this is “An Autumn Statement for a country that has turned a corner. An Autumn Statement for Growth, which I commend to the House.”

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