The Chancellor, Jeremy Hunt, has announced that he will present the Autumn Statement 2023 to Parliament on 22 November.
The Office for Budget Responsibility (OBR) have been commissioned to prepare an economic and fiscal forecast to be presented to Parliament alongside his Autumn Statement.
Unemployment, GDP and inflation data released in September will provide an early indicator about the state of the UK economy and will be crucial in the coming months.
Unemployment
Data released on Tuesday (12 September) shows unemployment rose in July. Despite this, wage growth has caught up with rising prices for the first time in nearly two years.
Economy (GDP)
Data released on Wednesday (13 September) shows the UK economy shrunk 0.5% in July. This was more than expected and is thought to have been driven by the strike action and poor weather conditions in July.
Inflation fell to 6.8% in the 12 months to July, but the level is still more than three times the Bank Of England’s 2% target.
Interest Rates
The Bank of England’s Interest Rate decision is still two weeks away.
Autumn Statement 2023
It is expected that the Autumn Statement will focus on the Business Investment challenges the UK is experiencing.
‘For the chancellor, this autumn statement should help settle Britain on a stable, steady economic trajectory. It will not be spectacular, but it will be a world away from last year’s shambles under his predecessor.’
Faisal Islam, Political Editor for the BBC.
The Federation of Small Business (FSB) is hoping the Autumn Statement will conatin the policies they would like the government to consider, badged the “Tinsel List”, including;
- Improving high street accessibility and transport links
- Raising the VAT threshold
- Raising the Small Business Rates Relief threshold
- Reducing energy costs
- Reinstating tax-free shopping for international visitors.
We now must wait until November and see what these statistics mean for the Chancellor and his Autumn Statement.
Look out for our email summarising the key headlines for businesses and business owners on the day.