Call 020 7794 5757 - Email info@numerallp.com

2023 Autumn Statement - the business reaction

Business groups, including the British Chambers of Commerce (BCC), the Federation of Small Businesses (FSB) and the Confederation of British Industry (CBI), have reacted to Chancellor Jeremy Hunt's 2023 Autumn Statement speech.

22 Nov 2023

Business groups, including the British Chambers of Commerce (BCC), the Federation of Small Businesses (FSB) and the Confederation of British Industry (CBI), have reacted to Chancellor Jeremy Hunt's 2023 Autumn Statement speech.

The Federation of Small Businesses (FSB) welcomed Mr Hunt's 'game-changing' decisions on business rates, late payments and tax for the self-employed. Tina McKenzie, Policy Chair at the FSB, commented: 'The Chancellor and his Treasury team deserve credit for driving pro-small business change and for listening to and working closely with the FSB and its small business members to address the real concerns of businesses and act to help build future prosperity.'

Meanwhile, the CBI praised the Chancellor for making full expensing, which allows companies to deduct the costs of qualifying plant and machinery from their profits straight away with no expenditure limit, permanent.

Rain Newton-Smith, Chief Executive of the CBI, said: 'Making full capital expensing a permanent feature of the tax system can be transformational for accelerating growth and improving living standards in the long-term. Helping firms to unleash pent-up investment is critical to getting momentum into the economy.'

The BCC said it is 'pleased' the Chancellor has listened to its calls to help businesses deal with the current economic challenges. Shevaun Haviland, Director General of the BCC, stated: 'Smaller firms will be relieved to see a package of measures that alleviate the cashflow problems they face, such as continued business rates relief for hospitality, retail and leisure, and new rules to help them get paid on time.

'The government's plans to support people back into work have the potential to help grow the economy.'

The Institute of Directors (IoD) applauded the 'efforts to boost business investment' that were outlined in the Statement. Roger Barker, Director of Policy at the IoD, said: 'This Autumn Statement was all about making full expensing permanent. This measure represents a significant reduction in the overall burden of business taxation, and is to be welcomed.

'According to our members, full expensing is already exerting a positive impact on investment decision making.'

Newsletter sign-up

Why not register to receive our Monthly Newswire?

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Sign-up today

Try a site search Tax return, dividends, pension, autumn statement...

Company details

020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

About us

Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

© 2024 Numera. All rights reserved. We use cookies on this website, you can find more information about cookies here.