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Outlook for UK economy weaker despite positive Autumn Statement, ICAEW says

Author: ICAEW

Published: 22 Nov 2023

Suren Thiru, Economics Director at ICAEW, responded to the Chancellor’s Autumn Statement today:

“The Chancellor’s focus on helping to grow the economy is the right move given that the OBR’s latest forecasts paint a bleaker picture of the UK’s near-term growth prospects.

“The cut in national insurance will only make a small dent in the squeeze on people’s incomes given that many are being dragged into higher tax bands by the freeze on thresholds.

“Making the full expensing investment incentive permanent will help turbo-charge investment and productivity by giving companies the confidence and longer-term certainty needed to get key projects off the ground.

“Action on skills, business rates and late payments will also help businesses that continue to face a significant squeeze on their finances and ability to grow. 

“The acid test of these myriad of supply side measures will ultimately be whether they are able to meaningfully increase the UK’s growth potential, otherwise we will remain more exposed to future economic shocks and living standards will remain constrained.”


Notes to editors:

Contact: ICAEW media office media.office@icaew.com, tom.mackintosh@icaew.com or 07866 853 841