The Autumn Budget 2023 was announced by Jeremy Hunt, the Chancellor of the Exchequer, on 22nd November 2023.
The Chancellor unveiled plans to the Office for Budget Responsibility (OBR) to address ever-present, fluctuating inflation rates, stemming from continued energy price hikes and cost-of-living pressures that continue to be felt. New inflation forecasts have been provided by the independent watchdog that would position the government to remain on target to hit its 2025 targets.
The budget proposes several changes to the National Living Wage and National Insurance – a tax paid by millions of workers (including the self-employed), as well as highly anticipated business tax breaks for equipment expenses. Efficiency savings across Whitehall have been promised, as well as artificial intelligence, green technology, and investment zone funding.
The budget also proposes several changes to state pensions from April 2024 as the government continues to honour the triple lock. The Chancellor expressed a commitment to address anticipated pension pot reforms too, with the budget presenting changes to Universal Credit and several disability benefits as well.
Our Autumn 2023 budget summary is available in detail and covers each point in intricate detail:
Download the full report here.
The incumbent Conservative government has been the current governing party in the UK since 2010. The government is firm in its promise to the electorate that it will deliver significant economic progress for businesses and individuals. Speculation continues to grow around when the next general election will take place and whether Prime Minister Rishi Sunak will call for one before the automatic dissolution of Parliament in December 2024.