Based in Andover, Hampshire

Autumn Statement 22 November 2023

by | Nov 22, 2023

Today the Chancellor, Jeremy Hunt, delivered his Autumn Statement. Below we have summarised some of the key points.

National Insurance 
Employee National Insurance to be cut by 2% to 10%, with this to take effect from the 6 January 2024. 
Class two national insurance to be abolished from April 2024 for the self employed. 
Class four national insurance to be cut from 9% to 8% from April 2024. 

Full Expensing 
A permanent extension of the full expensing capital allowance scheme

Living Wage Rise
Announced before the Statement the National Living Wage will rise from £10.42/hour to £11.44/hour. This will now apply to anyone over the age of 21 (previously a lower figure applied to those aged 21-22). 

Business Rates
Small business multiple to be frozen for another year.  75% discount for retail, hospitality and leisure to be extended. 

Alcohol Duty
All alcohol duty frozen until 01st of August 2024. 

Universal Credit/Benefits 
Universal Credit and other benefits will increase by 6.7%.
Local housing allowance to increase to the thirtieth percentile of local rents.
Reforms to the benefits system to incentivise those currently unemployed due to medical problems, to find work. 


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