November 2023 United Kingdom autumn statement information
() November 2023 United Kingdom autumn statement
Presented
22 November 2023
Parliament
58th
Party
Conservative Party
Chancellor
Jeremy Hunt
‹ 2023
2024›
The November 2023 United Kingdom autumn statement was outlined to the House of Commons on 22 November 2023 by Chancellor of the Exchequer Jeremy Hunt.[1][2] The statement, Hunt's second as Chancellor, came at a time when the governing Conservative Party was trailing in the opinion polls, with the Labour Party experiencing a double-digit lead, and was expected to be his last autumn statement before the next general election.
Hunt was under pressure to cut taxes from those on the right of his party, but the Office for Budget Responsibility (OBR) had forecast that the UK economy would grow much more slowly over the coming two years than had previously been predicted. Inflation would not meet the 2% target forecast for 2024. However, Hunt told the House that because the economy had "turned a corner" there would be some scope for tax cuts, and he described his statement as setting out 110 measures for growth. Measures announced in the statement included reducing the amount of National Insurance contributions from 12% to 10%, making permanent a tax-break scheme for businesses purchasing equipment, a rise in the minimum wage, known as the National Living Wage, changes to benefits criteria, and investment in manufacturing and artificial intelligence.
The statement received a generally unfavourable reception from Westminster's main opposition parties, but was greeted more warmly by business. Rachel Reeves, the Shadow Chancellor of the Exchequer, did not highlight any specific aspects of the statement, but instead criticised "the full scale of the damage to the economy" done by the Conservatives since 2010. while Rain Newton-Smith, Director of the Confederation of British Industry, said the Chancellor was "right to prioritise 'game-changing' interventions that will fire the economy".
^Jenkin, Matthew (31 October 2023). "Autumn Statement 2023: when is it and what will Jeremy Hunt unveil? – Which? News". Which?. Retrieved 5 November 2023.
^McRae, Hamish (18 October 2023). "Jeremy Hunt can't promise much in his Autumn Statement – but three moves may save him yet". inews.co.uk. Retrieved 5 November 2023.
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