Autumn Statement 2023: Key points . . .

November 22, 2023

Chancellor Jeremy Hunt has delivered his Autumn Statement.

The key points were:

The statement included 110 measures to boost the economy by £20bn a year, according to Mr Hunt.

All alcohol duties frozen. 

Benefits to go up by 6.7% next year, based on the inflation rate for September.

Increase in State pension by 8.5% to £221.20 a week.

Additional £10m to support veterans, including helping fund vital mental health services. 

UK will meet its NATO commitment to spend 2% of GDP on defence.

£50m over next two years to increase in the number of apprentices, including in engineering.

Reform to speed up local authority planning process and boost housebuilding.

Research and development (R&D) tax regime will be simplified.

£4.5bn to invest in projects high growth sectors, including aerospace (£975m) to build on the strength of Airbus and Rolls-Royce as well as automotive, life sciences and low carbon.

Consultation on pensions, including looking at giving people one pension pot for life.

Extending business rate relief of 75% on business rates up to £110,000 for hospitality businesses. 

£500m over the next two years to fund more innovation centres following the success of supercomputing centres in Bristol and Edinburgh.

‘Full expensing’ to be made permanent in ‘biggest-ever boost’ for businesses.

National living wage to increase by nearly 10% to £11.44 an hour.

Main National Insurance rate cut from 12% to 10% in a move Chancellor Hunt says will benefit 27m people from January. 

The Chancellor ended by claiming he had delivered “the biggest business tax cut in modern British history” with an “Autumn Statement for a country that has turned a corner. An Autumn Statement for growth”.

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