Autumn Statement 2023

Posted by siteadmin on Wednesday 29th of November 2023.

  • The National Living Wage is set to rise to £11.44 from April 2024. The new rate will also be extended to 21 & 22 year olds for the first time.
  • £7 million over the next three years for educational programmes to ensure more support for schools and universities to understand, recognise and tackle racism.
  • Working age benefits will rise by 6.7% from April 2024.
  • Local housing allowance will be raised and £120m will be provided to prevent homelessness.
  • The Pensions Triple Lock and Pension Credit will be protected and rise in April 2024 by 8.5%.
  • Alcohol duty will be frozen until August 2024 taking 3p off the duty cost of an average pint of beer.
  • Inflation is forecast to drop to 2.8% by the end of 2024, down from 4.6% in October.
  • The State Pension rise is worth up to £900 a year.
  • Debt was due to rise to almost 100% of GDP but is now predicted to be 94% of GDP by the end of the forecast.
  • There will be an additional £10m to support veterans helping to fund mental health services across the United Kingdom.
  • Office for Budget Responsibility says our economy will grow in each of the next five years.
  • The Government has announced plans to reform A-levels and introduce the Advanced British Standard.
  • The Government has announced plans to expand the electricity grid to speed up clean energy projects. Plus proposals that those living closest to new electricity infrastructure will receive up to £1k a year off energy bills.
  • Councils will be able to recover the full costs of planning applications – provided they meet prompt deadline.
  • Through the LIFTS initiative, there will be £250m to enable UK pension funds to back the UK’s science and technology companies.
  • Options will be explored for a retail offer of NatWest shares as part of plans to reduce the Government’s stake.
  • Workers will given the right to require new employers to pay pension money into an existing pension pot.
  • £4.5bn will be made available over five years, to attract investment into strategic manufacturing sectors. This will include money for electric cars.
  • Tax reliefs for freeports and investment zones are being extended from five years to 10 years.
  • The Government is extending 75% business rates relief for retail, hospitality and leisure until 2025.
  • The small business multiplier will be frozen, protecting over 1m ratepayers.
  • Class 2 National Insurance Contributions will be abolished from April 2024.
  • Class 4 National Insurance Contributions will be cut from 9% to 8% from April 2024.
  • Full Expensing will be made permanent meaning companies that invest in the UK will reduce their tax by up to 25p for every £1 spent on plant and machinery.
  • From January 2024, Employee National Insurance Contributions will drop from 12% to 10%.
  • £10 million to fund projects that prevent abuse and support domestic abuse survivors.
  • Expanding the 0% rate of VAT on women's period products to include period underwear.

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