Everything you need to know about the 2023 Autumn Statement
On 22 November 2023, chancellor Jeremy Hunt delivered the Autumn Statement against a backdrop of a cost of living crisis and a looming general election.
It’s been a challenging year with inflation dominating headlines. While inflation has fallen, it’s still higher than the Bank of England’s 2% target at 4.6% in the 12 months to October 2023.
Ahead of his speech, Hunt faced pressure to reduce the tax burden on both households and businesses while there was speculation about a potential Inheritance Tax cut, which didn’t materialise.
In his speech, Hunt said the plan for the British economy was working as the UK avoided a previously forecast recession this year. However, he cautiously added that the “work is not done” as he set out 110 measures to “reduce debt, cut taxes, and reward work”.
Here are the key points of the Autumn Statement, and what they might mean for you.