In the latest Autumn Statement, the Chancellor outlined plans intended to support businesses and households across the UK. Below is a simplified breakdown of the key themes.
- Boosting small businesses: The government’s stated aim is to support small businesses by reducing red tape and making it easier to access funding. In practice, this should mean less friction when managing day-to-day business administration and exploring finance options.
- Tax cuts for everyone: Income tax rates were left unchanged. For individuals, this provides more certainty when planning household budgets and personal finances.
- Infrastructure investments: Increased investment in infrastructure (including road and rail) is intended to improve transport and logistics. For some businesses, this could reduce delays and operating costs over time.
- Climate-friendly initiatives: The government plans to incentivise greener business practices. If you are considering sustainability improvements, keep an eye on grants or reliefs that may become available.
- Affordable housing: Measures to improve access to affordable housing could support workforce stability and, indirectly, employee retention.
- Education and skills: More funding for education and skills development aims to improve workforce capability. Over time, this may benefit recruitment and productivity.
- Healthcare investments: Additional funding for healthcare is intended to support better health outcomes, potentially reducing absenteeism and improving employee wellbeing.
- Brexit preparedness: Support has been signposted to help businesses manage ongoing Brexit-related trade changes. If you trade internationally, stay alert to guidance and operational requirements as they evolve.
- Research and innovation: Increased funding for research and innovation may present opportunities in qualifying sectors. If relevant to your business, it may be worth reviewing available schemes.
- Digital transformation: The statement reinforced the importance of digital tools. Reviewing your finance and operational systems may help you stay competitive and improve efficiency.
Summary: Autumn Statement 2023 aims to support small businesses, maintain personal tax stability, and invest in infrastructure, the environment, education and healthcare. Keep these themes in mind when planning for the year ahead.
