Autumn Statement 2023

• 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

• 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

• Borrowing will be at 91.6% of GDP next year and then nudge up to 92.7% the following year

• Raise the roof for the minimum wage! It’s hopping up to £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!

• Benefits are getting a 6.7% boost in April 2024

• Renting just got a bit easier! The local housing allowance is getting a nice bump to help 1.6 million households

• The government is keeping a closer eye on welfare recipients to nudge them towards work. No job search, no freebies

• Who likes a tax cut? 27 million workers, that’s who! National insurance rates for employees are trimming down by 2 percentage points

• Self-employed folks, you’re in for a treat too! Some national insurance changes are going to save you a pretty penny (or £350, to be exact)

• Cheers to no increase in alcohol duty until August 2024! Your pints and spirits are safe for now

• State pensions are getting a hearty 8.5% boost to £221.20 a week. That’s almost £900 extra a year to spoil the grandkids (or yourself)

• Calling all innovators! £500m is being poured into “innovation centres” over the next two years. Time to invent the next big thing!

• 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

• Retail, hospitality, and leisure businesses, breathe a sigh of relief – you’ve got another year of a 75% discount on business rates