Yesterday The Chancellor of the Exchequer, Rt Hon Jeremy Hunt MP, announced the Autumn Statement 2023. There was some good measures in the statement, which focus on a long-term economic approach for the UK’s future.
I have been encouraged by economic forecasts from the Office for Budget Responsibility (OBR) and wholeheartedly welcome the changes made by the Chancellor, particularly listening to our calls for the extension of the Leisure, Hospitality & Retail rate relief and the freezing of the small business rate relief multiplier, in a significant package of measures to support businesses which will have a impact on many businesses within our constituency.
Some of the Key measures announced: 
National Living Wage increases to £11.44 per hour for over 21s
Class 2 NI for self-employed scrapped - providing an average saving of £192.
NI rate cut by 2% from January. Saving someone on a salary of £35k over £450 a year.
State Pension increased by 8.5% from April 2024. Equivalent to an annual increase up to £900.
Universal Credit & Disability Benefits increased by 6.7%
Local Housing Allowance rate increased to the 30th percentile of local market rents.
Duty on Alcohol frozen till August 2024.
Back to work plan to tackle long term unemployment.
for every £1 invested by businesses in plant and Machinery it’s taxes are cut by 25p.
Inflation is also anticipated to drop to 2.8% by the end of 2024, with inflation expected to hit the target of 2% in 2025.
The UK economy is expected to witness a growth in GDP of 0.6% in the current year, with projections indicating 0.7% growth next year, followed by 1.4% in 2025, 1.9% in 2026, and 2.0% in 2027.
Despite economic challenges, underlying debt is predicted to be 91.6% of GDP next year and 92.7% in 2024-25, which is far improved from the expectations of many economic analysts and is a positive sign for the UK’s economic outlook.
A full copy of the Autumn Statement can be found here. https://assets.publishing.service.gov.uk/.../E02982473...
