The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility.
The Statement was centred around ‘growth’, with Mr Hunt leveraging increased tax receipts from a stronger-than-anticipated economy to fund 110 growth-promoting initiatives. Mr Hunt said the government had taken difficult decisions to put the economy back on track and halve inflation, but ‘the work is not done’. He said his priorities are to avoid big government spending and high taxes and instead cut taxes and ‘reward hard work’.
Among the highlights were significant changes aimed at enhancing earnings. Mr Hunt’s drive to ‘make work pay’ materialised through reductions to National Insurance for both employees and the self-employed, coupled with an uplift in the National Living Wage.
Additionally, Mr Hunt announced the permanent establishment of the ‘full expensing’ capital allowance, reforms to the R&D tax credit and increased business rates support for smaller enterprises. These measures are expected to bolster innovation and provide much-needed relief for small businesses.
What does the Autumn Statement 2023 mean for you?
Our detailed Guide to Autumn Statement 2023 looks at these key announcements. You can download the document here:
If you require further information or want to discuss how the announced measures could affect your finances or business, please contact us for more details.
Talk to us today
To understand more about how our UK Budget Statement 2023 Service will benefit you, Contact Us Today
"*" indicates required fields
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
The days of the “job for life” with a single employer are, for most of us, long-gone and we are now far more likely to have multiple jobs paying into a number of different pension schemes. This means tracing old pensions when you retire – whether defined benefit, defined contribution or private stake holder. In order to get an accurate and full idea of your pension wealth it is essential that you begin finding lost pensions to factor every single one into a total valuation.
It may have been close run thing but the UK has voted to end its membership of the European Union and now is an appropriate time for all concerned to consider the implications.