Headlines and hot takes
The Chancellor has just sat down from delivering his Autumn Statement. The following are some key headlines from his statement relevant to our sector.
- Growth forecasts significantly down. The OBR forecasts 0.7% growth in 2023 (down from previous 1.8%) and 1.4% in 2025 (down from 2.5%).
- 75% Business Rates Relief for retail, hospitality and leisure relief extended for another year – until 2025. A key ask of the industry.
- A freeze in small premises multiplier, but standard multiplier will rise by inflation.
- No increase in alcohol duty before August 2024.
- Employee NI cut from 12% to 10% from January 6th – mid financial year – but no reduction in employer NI rates.
- From 1 April 2024 an increase in the National Living Wage of 9.8% to £11.44, and a lowering of the age threshold from 23 to 21 years old.
- Business visitor rule changes announced in the spring budget 2023 will be implemented from January 2024.
- A commitment to new and expanding existing Youth Mobility Schemes.
- Sadly no commitment to look again at VAT RES – the VAT reclaim scheme for international visitors. On that our campaigning work continues.
You can access the Treasury’s ‘Green Book’ and associated Autumn Statement documents such as policy costings via https://www.gov.uk/government/publications/autumn-statement-2023 |
