Here is a brief summary of the Autumn Statement 2023:

🌟 Economy

β€’ The Office for Budget Responsibility (OBR) predicts an average inflation rate of 2.8% by the end of next year, and a cool 2% by 2025 πŸ“‰
β€’ As for growth, it’s like a shy plant that’s slowly starting to bloom – 0.6% in 2023, 0.7% in 2024, and an enthusiastic 1.4% in 2025 🌱
β€’ Borrowing will be at 91.6% of GDP next year and then nudge up to 92.7% the following yearπŸ’°
β€’ Raise the roof for the minimum wage! It’s hopping up to Β£11.44 per hour from April 2024 for those over 21. Younger folks and apprentices, you’re not forgotten – your wages are going up too! πŸŽ‰πŸ’·

πŸ’Ό Benefits

β€’ Benefits are getting a 6.7% boost in April 2024 πŸš€
β€’ Renting just got a bit easier! The local housing allowance is getting a nice bump to help 1.6 million households πŸ‘πŸ’Έ
β€’ The government is keeping a closer eye on welfare recipients to nudge them towards work. No job search, no freebies πŸ‘€πŸ“š

πŸ’Έ Taxes

β€’ Who likes a tax cut? 27 million workers, that’s who! National insurance rates for employees are trimming down by 2 percentage points πŸ’ƒπŸ•Ί
β€’ Self-employed folks, you’re in for a treat too! Some national insurance changes are going to save you a pretty penny (or Β£350, to be exact) πŸ€‘
β€’ Cheers to no increase in alcohol duty until August 2024! Your pints and spirits are safe for now 🍻πŸ₯‚

πŸ‘΅πŸΌ Pensions

β€’ State pensions are getting a hearty 8.5% boost to Β£221.20 a week. That’s almost Β£900 extra a year to spoil the grandkids (or yourself) πŸŽπŸ›οΈ

🏒 Business Support

β€’ Calling all innovators! Β£500m is being poured into “innovation centres” over the next two years. Time to invent the next big thing!πŸ’‘πŸš€
β€’ R&D is getting a makeover with a new tax relief scheme. And the full expensing scheme? It’s sticking around for good, helping businesses invest and save πŸ§ͺπŸ’Ό
β€’ Retail, hospitality, and leisure businesses, breathe a sigh of relief – you’ve got another year of a 75% discount on business rates πŸŽ‰πŸ›οΈ
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