Autumn Statement 2023 Summary
Chancellor Jeremy Hunt unveiled the latest 2023 UK Autumn Statement, giving us all an insight into the comprehensive plan for the nation's economic future.
Within this market insight, we are going to outline some of the main points that were talked about for your convenience.
Office for Budget Responsibility forecasts 0.6% economic growth in the current year and 0.7% in the next.
Official figures indicate the economy is now 1.8% larger than pre-Covid-19 levels.
The spending watchdog predicts a decline in inflation to 2.8% by the end of 2024, down from 11.1% in the previous year when Hunt and Sunak took office. It is predicted to further fall to the 2% target in 2025.
Future GDP projections: 1.4% growth in 2025, 1.9% in 2026, 2% in 2027, and 1.7% in 2028.
Plans underway to lower borrowing to 4.5% of GDP in 2023/24, predicted (by OBR) to fall to 1.1% by 2028/29
Investment & Infrastructure Initiatives:
The Chancellor plans to boost the economy, increase productivity, and stimulate business investment by £20 billion annually.
Implementation of Full Expensing: Invest for Less, a permanent tax cut of £11 billion annually, expected to boost business investment by £14 billion throughout the forecast period.
UK maintains the lowest headline corporation tax rate in the G7 and the most generous capital allowances among major advanced economies.
Since the introduction of the super deduction in 2021, UK investment has experienced the fastest growth in the G7.
Government accepts recommendations from Lord Harrington's review on increasing foreign direct investment, with additional resources allocated to the Office for Investment to enhance support for strategically important investors.
Three advanced manufacturing Investment Zones to be established in Greater Manchester, East Midlands, and West Midlands, expected to create 65,000 jobs in the next decade and generate £3.4 billion in private investment.
An agreement made on four new devolution deals across England, including mayoral deals with Greater Lincolnshire and Hull and East Yorkshire, and non-mayoral deals with Lancashire and Cornwall, aiming to boost investment and advance the Prime Minister's levelling-up commitment.
The Chancellor announced the government plans to allocate £110 million over this year and the next implementing "high-quality nutrient mitigation schemes, unlocking 40,000 homes." He has also committed £32 million to tackle the backlog and create new housing areas in Cambridge, London and Leeds.
In addition to this, there will be a consultation on new permitted development rights, this will allow any house to be converted into two flats, as long as the exterior remains unchanged.
The choice provides motivation for small businesses and landlords to engage in the development and conversion of additional dwellings, aligning with the demands of 21st-century housing needs.
The Chancellor plans to reform the approval time for infrastructure projects and business planning applications. Allowing local authorities to recover full costs for major business planning applications if they meet faster timelines. If they fail, fees will be refunded automatically, and the application will be processed for free.
Plans were also revealed to raise the local housing allowance rate to the 30th percentile of local market rents. This adjustment is expected to provide an average support of £800 to 1.6 million households in the coming year.
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