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Autumn Statement 2023: Key takeaways

Key Points of Autumn Statement

Autumn Statement November 2023


Following the flurry of promises set out in the Autumn Budget and the accompanying document, Portfolio Adviser breaks down the key points and what they mean for investors below:

Growth forecasts halve for next year but inflation to fall to 2.8%

The UK’s rate of inflation is expected to fall to 2.8% by the end of next year, according to figures from the Office for Budget Responsibility (OBR), read by Chancellor of the Exchequer Jeremy Hunt in this year’s Autumn Statement.

National insurance slashed by two percentage points to 10%

Chancellor of the Exchequer Jeremy Hunt has announced that the employee national insurance rate will be cut to 10% from 12%, with the legislation being pushed forward on 6 January as opposed to the start of the new tax year in April.

Chancellor commits to Triple Lock with 8.5% state pension increase

Chancellor Jeremy Hunt has announced a full commitment to the Triple Lock with an 8.5% in state pensions in the Autumn Statement today.

12 ‘mini Canary Wharf’ investment zones to be set up in the spring

Chancellor of the Exchequer Jeremy Hunt has announced the UK Government will set up 12 ‘investment zones’ across the UK, in order to bolster UK business.

Chancellor reveals 110-point plan to ‘back British business’

Chancellor Jeremy Hunt has revealed the government has a 110-point plan which he claims will help British businesses to thrive.

Consultation to be launched on creation of pension ‘pot for life’

The government has confirmed that it will launch a consultation around the creation of a ‘pot for life’.

LTAFs, PAIFs and fractional shares to be included selected ISAs

Todays Autumn Statement (22 November) has confirmed that Long-Term Asset Funds (LTAFs) and Property Authorised Investment Funds (PAIFs) will be eligible for inclusion in the Innovative Finance ISA from April next year, while some fractional shares will also be included as eligible ISA investments.

LTA abolition still set for April

Jeremy Hunt’s Autumn Statement contained nothing to suggest the government has had a rethink on the abolition of the lifetime allowance for pensions (LTA).

No IHT changes ‘missed opportunity’ for Chancellor

The chancellor has decided to leave inheritance tax (IHT) untouched in the Autumn Statement today.

Chancellor extends sunset clause for VCTs

Chancellor Jeremy Hunt has extended Enterprise Investment Schemes and Venture Capital Trusts to 2035 as part of his Autumn Statement.

Treasury’s cost disclosure promise in Autumn Statement ‘welcome’ but pace of change ‘disappointing’

The Financial Conduct Authority (FCA) has been given the power to overhaul issues with cost disclosure regulation unfairly penalising investment companies, it has been confirmed in the statement accompanying today’s (22 November) Autumn Statement.

This article first appeared on our sister publication, Portfolio Adviser

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