09/10/2023
Autumn statement date set for 22 November
The Treasury has announced that the Office of Budget Responsibility (OBR) will produce a report on the state of the UK Economy to be presented alongside the Chancellor, Jeremy Hunt’s, Autumn Statement on Wednesday 22 November.
Last year the Chancellor announced a number of significant changes, reversing many of the proposals in the Kwarteng/Truss mini Budget the previous September.
This time we are not expecting too many surprises given the impending general election within the next 13 months, although potentially this could lead to a few ‘tax sweeteners’.
The Prime Minister’s statement on 20 September on progress to Net Zero suggests that there may be a number of announcements concerning green energy measures affecting individuals and businesses.
Another suggestion has been the possible abolition of inheritance tax which may encourage traditional Conservative Party voters to stay loyal. Given the revenue this tax brings in for the Exchequer though, if these suggestions do become a reality, it will be interesting to see how the deficit will be recouped and whether we are actually facing a higher burden as a result in the form of annual wealth taxes, in line with other countries.
For further information, please contact us on 023 8046 1259 or email Gemma Hedges.
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