Tax cuts amid 110 measures to boost growth

By Ged Henderson

22 Nov 2023

Parliament

Chancellor Jeremy Hunt announced a series of tax cuts and moves to increase business productivity and investment in an autumn statement that included 110 measures to “promote growth”.

The raft of announcements included support for the self-employed and small businesses and measures to encourage more investment in sectors that will deliver that growth.

The chancellor declared that the statement delivered “the biggest business tax cut in modern British history” and it would return tens of thousands more people into work.

And he said it was an “autumn statement for a country that has turned a corner. An autumn statement for growth.”

Mr Hunt announced that he was cutting the main rate for employee national insurance from 12 per cent to 10 per cent from January.

The chancellor said 27 million people will benefit from that move and the reduction will be worth £450 a year or someone on an average salary.

He also announced tax cuts for the self-employed worth £350 per year. They include abolishing class 2 national insurance, saving them £192 annually.

Mr Hunt said nearly two million self-employed people will benefit and he also delivered a reduction in class 4 national insurance that they pay. It will go down from nine per cent to eight per cent.

There were also measures to help small business, include the extension of the 75 per business rates discount for hospitality, retail and leisure for another year.

Business rate relief was also extended with a freeze on the small business multiplier for another year.

Measures to boost investment in “strategic manufacturing” were also included in the statement.

Mr Hunt committed £4.5bn to manufacturing up to 2030, with £975m for aerospace and £960m for the green sector.

He told the Commons: “Taken together across our fastest-growing innovation sectors, this support for manufacturing alone will attract an estimated £2bn of additional investment a year over the next decade.”

There will also be £50m in funding over the next two years to increase the number of apprentices in engineering and “other key growth sectors”.

Mr Hunt also announced a widely predicted decision to make permanent “full expensing” for businesses. That measure means that for every £1 that a business invests in IT, machinery and equipment, it can claim back 25p in corporation tax.

He declared the move as “the largest business tax cut in modern British history”.

The chancellor also committed to reforming the planning system to allow for faster planning applications when it comes to major business projects.

And the government will invest £500m over the next two years to fund more "innovation centres" to help make the UK an "AI powerhouse".

Mr Hunt will also consult on giving pension savers a “legal right to require a new employer to pay pension contributions into their existing pension”.

Shadow chancellor Rachel Reeves said that under the Conservatives growth had “hit a dead end” and the economy would be £40bn smaller by 2027 than it had claimed in March.

Enjoyed this? Read more from Ged Henderson

Latest news

1

PM urged not to retaliate over tariffs Manufacturing

PM urged not to retaliate over tariffs

03 Apr 2025

2

CMAC Group appoints Matthew Ratcliffe as chief operating officer Matthew Ratcliffe CMAC

CMAC Group appoints Matthew Ratcliffe as chief operating officer

03 Apr 2025

3

For sale signs at The Villa Villa Wrea Green has been brought to market (Image credit: The Villa Wrea Green)

For sale signs at The Villa

02 Apr 2025

4

Montane group expands with new Lancashire hub Anthony Rae Scott Murcott And Adam Lee

Montane group expands with new Lancashire hub

02 Apr 2025

5

Trio of wins for Lancaster brand and digital consultancy Tom Grattan MD and Daniel Wallace

Trio of wins for Lancaster brand and digital consultancy

02 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Lancashire Business Expo 2025
https---cdn.evbuc.com-images-880395853-4862066883-1-original.20241022-091152-2.jpeg.jpg
LBV Hub Exhibitions
04 Apr 2025 - 04 Apr 2025

Lancashire Business Expo 2025

Sir Tom Finney Sports Centre, Preston, PR1 2HE

09:00 - 15:00

The Business Network Central & East Lancashire
LBV Hub Networking
24 Apr 2025 - 24 Apr 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

People Power: Exclusive Event Series
Stay ahead in 2025.jpg.jpg
LBV Hub Seminars
29 Apr 2025 - 29 Apr 2025

People Power: Exclusive Event Series

People's History Museum, Manchester, M3 3ER

17:00 - 21:00

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Innovating business solutions through PhD Partnerships
30478 Skills Bootcamp open day setting.jpg.jpg
LBV Hub Networking
07 May 2025 - 07 May 2025

Innovating business solutions through PhD Partnerships

University of Central Lancashire, Preston , PR1 2HE

14:30 - 15:30

Celebrating 50 years of KTP
UCLanAerialCampus.jpg.jpg
LBV Hub Networking
07 May 2025 - 07 May 2025

Celebrating 50 years of KTP

University of Central Lancashire , Preston, PR1 2HE

16:00 - 18:00

Research and Knowledge Exchange Showcase
13421_research_knowledge_exchange_2025_600x300.jpg.jpg
LBV Hub Awards
07 May 2025 - 08 May 2025

Research and Knowledge Exchange Showcase

University of Central Lancashire , Preston, PR1 2HE

09:00 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin