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Autumn Budget 2023

November 27, 2023

Jeremy Hunt announced 110 business-boosting measures in his “Autumn Statement for Growth”. The key points:

Assisting with the cost of living – A cut to the employee National Insurance rate from 12% to 10% from 6 January 2023. To assist self-employed individuals the Chancellor confirmed the abolition of Class 2 NIC and a fall in Class 4 NIC from 9% to 8%.

An increase in the National Living Wage (NLW) was also confirmed from 1 April 2024 increasing to £11.44 per hour, a 9.8% increase. The NLW was also expanded by lowering the minimum age to 21 year olds.

The National Minimum Wage is also being increase from 1 April 2023 to £8.60 for 18-20 year olds, and £6.40 for 16-17 year olds and apprentice rate,  4.8% and 21.2% respectively.

Support for Small Businesses – full expensing of capital expenditure on plant and machinery is to be made permanent to provide certainty to businesses looking to invest in the future.

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