“The CPS of course welcomes the Chancellor’s announcement on permanent full expensing. As he mentioned in his speech, we have been calling for this for many years and the boost to investment and productivity will be much needed. Overall, Jeremy Hunt set out measures which do reflect the government’s commitment to making long-term decisions for a brighter future. But the economy, and our long-term growth prospects, are still far from where they need to be.”
“The Autumn statement is a step in the right direction towards lower taxes and economic growth, but not a leap. The introduction of permanent ‘full expensing’ will encourage businesses to invest in buildings, structures and equipment. The 110 supply side reforms, encompassing benefits, financial services and planning, will help boost growth. Cuts to national insurance return a substantial sum to the pockets of the average worker. Nonetheless, amidst the rhetoric about tax reductions, this government is presiding over one of the heaviest tax burdens in the past seven decades.“
“There is much to be positive about in this Autumn Statement. The Chancellor announced a number of pro-business measures, including making full expensing permanent, extending tax relief for freeports, and the abolition of class two National Insurance payments for the self-employed…We also welcome the headline cut to the main rate of National Insurance, which will increase people’s take home pay and which is a needed recognition that the tax burden is too high. However, we would also like to have seen the unfreezing of personal tax thresholds, especially when all pensioners are benefitting from an inflation-busting rise in the state pension due to inflated wage growth figures.”
TaxPayers’ Alliance – John O’Connell, Chief Executive – “A mixed bag”
“This was a mixed bag of an autumn statement with good and bad news for taxpayers. Cuts to taxes for businesses and workers will be warmly welcomed, but the fiscal drag of frozen thresholds means the UK is still on track for an even bigger tax burden by the end of this decade. To give taxpayers the long-term relief they need, the chancellor must take the next steps on controlling spending and bringing down the size of the state.”
Joseph Rowntree Foundation – Paul Kissack, Chief Executive – “Decisions are still more difficult for many still struggling to afford the barest essentials ”
“Taking away the threat of an across the board cut to benefit rates offers some relief as we head into another difficult winter. The Chancellor has said he has taken difficult decisions to put the economy back on track but the decisions are still more difficult for many still struggling to afford the barest essentials. By finally ending the freeze on LHA so that it covers the bottom 30% of local rents the Chancellor has recognised how far behind actual market rents housing benefit has fallen. Too many families have been facing an impossible choice between keeping up with their rent and putting food on the table for far too long. ”
“Today’s Autumn Statement showed the best of moderate conservatism – combining bold measures to boost growth and slash taxes, with support for struggling workers and families. The UK needed to see serious action to tackle major problems. And we got it: big cuts to national insurance, full expensing made permanent, incentives for new grid infrastructure, and pension reform to unlock investment. Our research has shown how popular these tax cuts could be for overtaxed millennials and how these high-growth policies can deliver for manufacturing, net zero and innovative start-ups.”
“The Autumn Statement made some welcome policy choices – such as finally raising local housing allowance and going ahead with planned uprating of benefits. But with the OBR now expecting inflation and interest rates to be higher, and growth lower, than in March, we needed to see bolder steps to help people with the cost of living and to turn the UK’s faltering economy around…For all the talk of a long-term strategy this was a short-term approach, with giveaways today but the costs to be borne by the country in the future.”
The Growth Commission – Doug McWilliams, Co-Director – “The Chancellor has taken a loaf of bread from the taxpayer and given us back a couple of slices.”
“Today’s announcements amount to mere first steps on the road to delivering solid, sustainable economic growth for the UK. The measures on corporate taxes could have been far more ambitious – they amount only to going halfway to making up for the hike in Corporation Tax to 25 per cent. Likewise, the planning announcements may have some impact, but they should have been more radical…But there was little acknowledgment of just how high the public spending bill now is – and the impact such a large state has on the prospects for economic growth. My overall sense of this statement is that The Chancellor has taken a loaf of bread from the taxpayer and given us back a couple of slices.”
““Ahead of the Autumn Statement Jeremy Hunt said he was focused on delivering growth. Away from the headline grabbing personal tax announcements, the news on planning reform and supporting businesses to invest has set the right course, but with the news that the economy is set to grow just 0.7% next year, the job is far from finished…he typical British family is already poorer than the typical American and German family. If we continue to fail to build the infrastructure our economy needs, then by the end of this decade we will be poorer than the typical Polish family as well. If we want growth and jobs Britain must get building, today’s statement by the Chancellor has set that exact course.”
“The Chancellor has made a first step towards embracing a much-needed growth agenda. Cutting National Insurance and extending expensing will boost the economy. These policies are grounded in solid economic principles. Rewarding work is important. It is vital that work is made to pay so that we incentivise productivity. Extending expensing will strengthen innovation in the workplace and help demonstrate the UK is business friendly. However, he does not go far enough.These are relatively minor measures in comparison to the record high tax burden this government has introduced.”
“Today’s Autumn Statement recognised the economic opportunity of net zero and tackled many of the barriers to green investment. Faster business planning decisions, cuts to grid connection times, the extension of generous capital allowances and freeport incentives, and new funding for green manufacturing will make the UK a more attractive destination for international investment in net zero industries and infrastructure. Moves to simplify planning for heat pumps and electric car chargers will help drive uptake of these key clean technologies.”