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Autumn Statement 2022

On 17 November 2022, the Chancellor delivered the Autumn Statement, containing the government's medium-term fiscal plan. Read ICAEW's analysis and reaction.

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ICAEW analysis

Westminster
Tax finance
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Bank of England
ICAEW reaction

Autumn Statement 2022: a ‘deep freeze’ Budget

The Chancellor of the Exchequer aims for a balanced approach with his combination of frozen tax thresholds and the promise of greater efficiency in public services. But his plans suggest a prolonged period of pain.
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Tax

Autumn Statement: Threshold freezes create stealth tax increases

The Chancellor has confirmed that headline rates of income tax and capital gains tax (CGT) will remain at their current levels. However, there were various reductions in key thresholds and allowances, and several others were frozen for longer than previously announced.
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Insights

UK inflation reaches 41-year high

Official data reveals that UK inflation jumped to 11.1% in October amid huge rise in energy bills.
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Insights

Bank of England announces major interest rate rise

Bank of England announces the biggest interest rate rise since 1989 and forecasts that the recession could be the longest since comparable records began
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Tax

What to expect from the two Finance Bills
  • Article
  • 30 Nov 2022
ICAEW’s Tax Faculty explains when to expect legislation for various measures announced at the Autumn Statement.
Autumn Statement: Threshold freezes create stealth tax increases
  • Article
  • 17 Nov 2022
The Chancellor has confirmed that headline rates of income tax and capital gains tax (CGT) will remain at their current levels. However, there were various reductions in key thresholds and allowances, and several others were frozen for longer than previously announced.
Simplify tax system to unlock growth, says ICAEW
  • Article
  • 15 Nov 2022
ICAEW’s Tax Faculty calls on the new Financial Secretary to the Treasury to review the decision to disband the Office of Tax Simplification (OTS).

Public sector

ICAEW: Cuts to public sector finance teams are “false economies”
  • Article
  • 22 Nov 2022
ICAEW describes investment in strong finance functions as “critical” to spending public money effectively amidst tight spending settlements for public bodies
How does the Autumn Statement affect the public finances?
  • Article
  • 21 Nov 2022
Martin Wheatcroft FCA, external adviser on public finances to ICAEW, looks into what is happening to the public finances following a sobering fiscal event.
Finding savings in the £1,087bn public spending budget
  • Article
  • 10 Nov 2022
Martin Wheatcroft FCA, external advisor on public finances to ICAEW, assesses what options the government has left to reduce the gap between receipts and expenditure.

News and insights

Charities: taken for granted in challenging times?
  • Article
  • 30 Nov 2022
The Autumn Statement responded to the charity sector’s key demand to uplift benefits in line with inflation, but the government failed to provide targeted support for charities on the frontline of the cost-of-living crisis.
Government outlines final reforms to Solvency II regime
  • Article
  • 22 Nov 2022
The government has set out its final reforms to the Solvency II regulatory regime, striking a balance between relaxing requirements and giving the PRA additional powers.
Falling GDP makes Autumn Statement even more challenging
  • Article
  • 11 Nov 2022
The latest official GDP estimate confirms that UK economic output contracted in the third quarter of the year as the UK slides towards recession.
New date for Autumn statement
  • Article
  • 01 Nov 2022
The next fiscal event has been delayed until 17 November and a new ministerial team has been appointed at the Treasury.
Public services performance lags pre-pandemic levels
  • Article
  • 26 Oct 2022
Scope and quality of public services has deteriorated over the past two years with hospitals, criminal courts and prisons the worst affected, CIPFA/IfG analysis shows.
Running a business in 2022: the challenges beyond energy
  • Article
  • 26 Oct 2022
While energy pricing has dominated coverage of the pressures that businesses are currently facing, it is vital to bear in mind an array of further concerns.

September mini-budget reversals

Mini-Budget almost entirely reversed
  • Article
  • 17 Oct 2022
New Chancellor Jeremy Hunt cancels most tax cuts within the Budget, while also reducing the scope of the Energy Price Guarantee to six months.
Chancellor statement: certainty on some mini-budget tax measures
  • Article
  • 17 Oct 2022
New Chancellor Jeremy Hunt confirms off-payroll working will remain and that income tax rates will not change.
Corporation tax rate to increase to 25% from 1 April 2023
  • Article
  • 14 Oct 2022
Following news in October 2022 that the corporation tax rate will increase to 25% from 1 April 2023, the Tax Faculty has updated this article to reflect the confirmed increase in diverted profits tax and additional details have been provided on applying the profit limits and the rules for ring fence profits.
Chancellor scraps planned cut to 45% income tax rate
  • Article
  • 03 Oct 2022
The Chancellor has confirmed that the government will not proceed with abolishing the 45% income tax rate as first announced in the fiscal event of 23 September 2022.
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Energy crisis

A look at how supply difficulties, rising electricity prices and sanctions against Russia are contributing to turmoil in energy markets and what businesses can do to lessen the impact.
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Gas-fired power station and factory building at night.

Business Confidence Monitor

UK Business Confidence Monitor: National
  • 24 Apr 2024
The latest Business Confidence Monitor (BCM) for Q1 2024 shows a significant improvement in sentiment compared to weak yet positive confidence in the previous quarter and the average for 2023. The index rose above its pre-pandemic average for the first time since Q1 2022, as economic prospects brightened.
Business confidence weakest since pandemic, finds ICAEW
  • 14 Nov 2022
UK business confidence plunges deep into negative territory as companies forecast a tough 12 months amid difficult economic conditions.
ICAEW Business Confidence Monitor
  • 29 Jan 2024
Quarterly reports on the economy which provide useful insight for finance professionals and their clients.

Charts

Chart of the week: Autumn Statement
  • Article
  • 17 Nov 2022
The public finances have been a rollercoaster ride over the last few months, as illustrated by this week’s chart showing how the forecast for the fiscal deficit in 2026/27 has changed since the Spring Budget.
Chart of the week: Workforce
  • Article
  • 27 Oct 2022
Our chart this week looks at the changes in the numbers of people between 16 and 64 who are employed, unemployed or economically inactive over the past three years.
Chart of the week: Consumer Price Inflation
  • Article
  • 20 Oct 2022
Our chart this week looks at how the benchmark percentage used to determine the rise in the state pension and many welfare benefits from next April reached 10.1% in September 2022.
Chart of the week: The IFS forecasts deficit
  • Article
  • 13 Oct 2022
Our chart this week illustrates how tax cuts, higher interest charges and energy support packages contribute to the Institute for Fiscal Studies forecast of big increases in the fiscal deficit over the next few years.

Letters to the government

ICAEW letter to the Chancellor ahead of the Autumn Statement
  • Representation
  • 08 Nov 2022
  • PDF (134kb)
A letter from ICAEW CEO Michael Izza to the Chancellor ahead of the Medium-Term Fiscal Plan announcement. The announcement was initially scheduled for 31 October 2022 but was postponed until 17 November 2022.
ICAEW Letter to the Financial Secretary to the Treasury
  • Representation
  • 09 Nov 2022
  • PDF (144kb)
A letter from ICAEW's Head of Tax Frank Haskew to Victoria Atkins following her appointment as the Financial Secretary to the Treasury.

Further resources

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Economy

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Insights special
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Inflation

A closer look at the impact of inflation on people, businesses, accountancy and the wider economy, bringing together the best expert opinion, data and analysis from ICAEW and its members.

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Insights Special
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Cost of doing business

Insights, analysis and resources for organisations facing rising costs of doing business amid a multitude of challenges, including energy prices, inflation, supply chain disruption and staff recruitment and retention.

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