Today’s Autumn Statement, led by Chancellor Jeremy Hunt indicates how parliament proposes to balance the UK’s economy with their medium-term fiscal plan. The Chancellor highlighted the government will prioritise stability, growth and public services. Supported by economic forecasts from the Office for Budget Responsibility, the statement announces an economic outlook which is set to impact us all through higher taxation and changes to government spending, with the aim to stimulate slow economic growth.
This statement is the third budget to be announced this year in the wake of economic turmoil caused by the COVID pandemic, the invasion of Ukraine and other global market uncertainty. Within the statement, Jeremy Hunt identified a need to reverse many of the plans announced by Kwasi Kwarteng in the recent ‘mini-budget’.
Business owners across the country will be impacted by the announcements made in today’s statement, whether that’s as an owner of a small firm, or a much larger company, the amount businesses and individuals are taxed and the costs of goods they purchase are set to increase.
If you are a business owner, read on to find out more about how today’s announcement impacts businesses and what support could be available to you according to the 2022 Autumn Statement.