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.
Download our guide for an analysis of the key announcements and practical implications for you, your family and business.