Autumn Statement 2023
Released On 23rd Nov 2023
With a General Election looming on the horizon, Jeremy Hunt rose to deliver his second Autumn Statement as Chancellor in the knowledge that his latest measures could have a substantial impact, not only on the future economic success of the nation but the electoral success of his own party.
Taking away the politics from his announcements, the Chancellor launched into his Autumn Statement with the news that inflation had more than halved this year and that the Government had fiscal headroom of up to £25 billion thanks to the additional tax receipts accrued due to rising incomes and frozen tax rates.
As the Chancellor said, the Government had taken difficult decisions to put the country back on track and prevent a recession.
This gave Jeremy Hunt a greater ‘War Chest’ and more room to deliver on the promise of tax cuts made days before by the Prime Minister.
Nevertheless, the Chancellor still had to strike a fine balance and try to not only deliver tax cuts but also financial surety and economic stability – for businesses and individuals alike.
In announcing his measures and future consultations, Jeremy Hunt concluded his speech by saying this was an “Autumn Statement for Growth” thanks to his 110 business-boosting measures.
