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The Economic Outlook:

Chancellor Jeremy Hunt recently discussed the 2023 Autumn Statement, detailing the government’s spending plans for the upcoming year. In a bid to prioritize small business growth, he outlined plans to eliminate obstacles that hinder growth for businesses of all sizes. His forecast from the Office for Budget Responsibility indicates the economy will grow by 0.6% this year, with a 1.8% overall growth compared to pre-pandemic levels. Furthermore, inflation is expected to decline to 2.8% by the end of 2024 and reach the Bank of England’s 2% target by 2025, possibly alleviating the cost of living crisis across the UK. To further foster growth, there will be an investment of ┬ú4.5 billion in manufacturing between 2025 and 2030, as well as an additional ┬ú1 million allocated to aerospace and green technology businesses.

How will the Autumn Statement 2023 affect small businesses?

The Autumn Statement introduced ‘110 growth measures’ designed to reduce inflation and increase business investment by approximately 1% of GDP. These measures include making full capital expensing permanent, permitting businesses to claim corporation tax back if they invest in business equipment. Additionally, the abolition of class 2 National Insurance contributions for the self-employed, and a one percentage point reduction in class 4 contributions, is expected to help sole traders save hundreds of pounds per year. The freezing of the 75% business rate discount for the hospitality sector, worth ┬ú4.3 billion, is expected to be particularly advantageous for an industry still recovering from the pandemic.

How will the Autumn Statement 2023 affect the labor market?

The increase in the living wage from £10.42 to £11.44 an hour will result in a significant change for both employers and employees in the coming months, with the new rate extending to 21 and 22-year-olds for the first time. However, the Statement included various other announcements that may also have an impact, such as a goal to reassess the guidelines of capability based on the potential for remote working, with a view to bringing more people into the workforce next year. There will also be investments in new investment zones aimed at aiding their expansion, as well as the cutting of the main 12% rate of employee national insurance contributions by two percentage points to 10% from 6 January 2024.

How AI legalese decoder Can Help:

AI legalese decoder can help small businesses navigate the legal jargon and complex terms within the Autumn Statement, allowing them to easily understand the changes and their potential impact. This tool will break down legal documents and financial information into simplified language, ensuring small business owners can make informed decisions regarding their operations, investments, and labor force. This will result in improved understanding of legal and financial changes, and better position businesses to adapt to new regulations and economic conditions, ultimately aiding in the growth and success of small businesses.

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