Autumn Statement – what could it mean for UK businesses?

14 November 2023 | Written by Beverley Kloos

Innovus Insights

Chancellor Jeremy Hunt will deliver the Autumn Statement in the House of Commons on Wednesday 22 November.
The Autumn Statement outlines the government’s fiscal policies and financial plans for the upcoming year. And with rising interest rates and high energy prices, business owners will be keen to hear what support they could receive
But what could be in store for them?
Living wage increase
The government has already confirmed that the national living wage will increase by two thirds in April 2024. This means it will rise to £11 an hour for workers aged over 23 years. However, there are also reports that this could be increased to around £11.46 an hour. Either way, UK businesses will need to ensure they fully comply with the legislation.

Tax cuts
The government has also previously stated that any tax changes are unlikely as its main focus is on tackling inflation. However, pressure is mounting for the Chancellor to ease the financial burden on small businesses.

Energy Bills
The government’s energy bills discount scheme for non-domestic customers is set to end in March 2024. While it is not certain if bills will definitely rise, energy consultancy Cornwall Insight has recently forecasted that prices will rise again in January 2024. Energy UK also released its ‘Small Business, Big Impact’ report suggesting a cost effective loan scheme for SMEs interested in investing in low carbon technologies and energy efficiency measures.

Innovus Director Felix Keen says: “We look forward to seeing what announcements are made to provide businesses with certainty and confidence moving forward.”

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