On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.

Headlines:

• Class 2 National Insurance contributions (NICs) will be abolished and the main rate of Class 4 NICs will reduce from 9% to 8% from 6 April 2024.
• Full Expensing for companies will be made permanent.
• The R&D Expenditure Credit (RDEC) and SME schemes will be merged into a single scheme from 1 April 2024.
• The qualifying period for Investment Zone and Freeport benefits will be doubled from five to ten years.
• The main rate of Class 1 employee NICs will reduce from 12% to 10% from 6 January 2024.

Download our full overview of the Autumn Statement 2023 here