Autumn Statement 23: Chancellor Hunt promises 110 measures to grow UK economy
Chancellor Jeremy Hunt (pictured) delivered his Autumn Statement in parliament today | Copyright HM Treasury
Hunt told MPs the measures include cutting business tax, attracting foreign investment, helping entrepreneurs raise money, boost productivity, reforming welfare and speeding up access to the electricity grid.
The chancellor said the Office for Budget Responsibility had estimated the combined impact of the measures will boost business investment, reduce inflation next year and grow GDP.
In his speech, he said that after a global pandemic and energy crisis the government has taken «difficult decisions» to get the economy back on track. Rather than a recession, «the economy has grown», he said, although noted «the work is not done».
«Our choice is not big government, high spending and high tax because we know that leads to less growth, not more. Instead, we cut taxes and reward work,» he said. «Today's measures do not just remove barriers to investment, they reward efforts and work.»
The measures will boost business investment by £20bn a year, he said, adding that they «unlock investment with supply side reforms that back British business».
This includes the widely anticipated decision to make permanent «full expensing» for businesses, which he said represents the «largest business tax cut in modern British history».
«It means we have not just the lowest headline corporation tax rate in the G7 but its most generous capital allowances,» he said.
Last week, the chancellor said the economy had «definitely turned a corner» following data that revealed inflation had fallen to 4.6% in October, arguing «this is the moment» to focus on growth and signalling potential personal and business tax cuts.
The chancellor is
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