Jeremy Hunt, the Chancellor of the Exchequer for the UK, delivered his Autumn Statement of 2023 on November the 22nd to Parliament. In this statement, he outlined the government’s five economic priorities for the upcoming forecast period. These include reducing debt, cutting taxes, supporting British businesses, building sustainable, domestic energy, and providing world-class education.
The Office for Budget Responsibility (OBR) predicts that the policies as outlined in the 2023 Autumn Statement will reduce inflation and increase business investment by £14 billion. Additionally, it is forecast that the Autumn Statement policies will increase the UK economy’s potential output by 0.3%.
This statement also includes a plan for an enormous investment in tech, particularly Artificial Intelligence (AI).
Here is a quick run-down of some of the major commitments made in the Autumn Statement.
Lowering Debt
In this year’s statement, the Chancellor of the Exchequer has reaffirmed the commitments made in the 2022 Autumn Statement to provide £14.1 billion for the NHS and adult social care. £2 billion will also be made available for schools up until 2025.
According to the written statement, “tackling waste and inefficiency has always been at the heart of the government’s approach to public spending.” However, inflation continues to add pressure to departmental spending. Regardless, Parliament hopes to raise an additional £5 billion in tax revenue to fund these necessary public services.
Cutting Taxes
Following the economic downturn resulting from the COVID-19 pandemic and the war in Ukraine, the Autumn Statement focuses on the ways in which the economy can and will grow. Since inflation is falling, the government vows to return tax money to ..
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