Key measures announced within the Chancellor’s statement, there is a lot to digest, so we have summarised below.

Taxes:
• All alcohol duty is frozen until August 2024
• Single R&D scheme from April 2024, as expected
• Class 2 NIC – abolished. Supporting the self-employed by cutting National Insurance Contributions from April 2024. That’s a tax cut of £350 for the average self-employed person earning £28,200 a year.
• Class 4 NIC at 9% – cut to 8% from April 2024
• From 6 January 2024, Employee National Insurance Contributions will drop from 12% to 10%.
• Increase in the National Living Wage to £11.44 per hour.
• An extension of Full Expensing relief for companies – making it permanent
• Changes to ISAs, such as being able to open more than one ISA of the same type each year. This provides savers with more choice over their investments & financial futures.
Spending:
• 110 measures to boost growth and skills.
• A further £50m for a 2-year apprenticeship pilot, exploring new ways to stimulate training in growth sectors.
• Boosting foreign direct investment.
• Pensions triple lock rises with earnings (8.5%) from April 2024.
• Working age benefits will rise by the rate of inflation at 6.7% from April 2024.
• Local Housing Allowance to rise across the UK and provide £120m to prevent homelessness. This is in addition to £1bn+ already provided through the Homelessness Prevention Grant between 2022-25.
• An additional £10m to support veterans – helping to fund vital mental health services for veterans in their communities across the United Kingdom.
• Proposals that those living closest to new electricity infrastructure will receive up to £1k a year off their energy bills.
• £250 million to invest alongside UK pension funds in our thriving tech sectors.
• That’s why we’re exploring options for a retail offer of NatWest group shares as part of plans to reduce the government’s stake.
• To boost the industry for the future, we’re committing a further £500m – helping to fund the next generation of supercomputers & AI innovation.
• To boost global competitiveness, the government will work with the industry to provide additional tax relief for visual effects expenditure – helping to attract more investment into the UK.
• £4.5bn to support UK manufacturing. Boosting jobs across the UK, safeguarding energy security, building health resilience and preparing for a green future.
• £150M Investment Opportunity Fund Investment Zone programme extension Freeport tax relief extensions.
• Three new Investment Zones across England.
• Business rate relief – small business multiplier frozen for a further year, and 75% relief for the hospitality sector frozen for another year.
• Childcare from April 2024 – 30 hours per week covered.
• More investment in helping people with health conditions to find work.
• Following the scrapping of the tampon tax, the 0% rate of VAT is expanded to include period underwear.