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Autumn Statement 2023 full summary

23rd November 2023

Jeremy Hunt's second Autumn Statement reverses his previous main position of driving down inflation and now focusses on tax cuts and growing the economy.

Key measures announced include:

  • Single R&D tax relief scheme from Apr 2024
  • Class 2 NIC abolished & Class 4 NIC rate cut
  • £4.5bn to support UK manufacturing
  • All alcohol duty frozen until August 2024
  • From 6 January 2024 Employee NICs will drop from 12% to 10%
  • An extension of Full Expensing relief for companies - making it permanent
  • National living wage up by almost 10%
  • Working age benefits will rise by the rate of inflation at 6.7% from April 2024.
  • £250 million to invest alongside UK pension funds in thriving tech sectors.

Download your in-depth summary of all the key announcements by clicking here.

Bishop Fleming Autumn Statement Summary 2023


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