The UK economy has been weathered somewhat by a storm of rising interest rates, inflation and a cost of living crisis, so “Backing British Business” was high on the agenda for Chancellor Jeremy Hunt as he announced the 2023 Autumn Budget yesterday.
The plans outlined in the statement aimed to go further than his Spring 2023 Budget, tackling barriers to investment and cutting taxes. Hunt plans to invest £4.5bn in manufacturing between 2025 and 2030, with £1m going towards aerospace companies and businesses within the green technology sector. There will also be a business rates discount for hospitality retail and leisure worth £4.3bn.
New “investment zones” will be implemented in Wrexham, Wales to boost employment, as well as a further three zones in Greater Manchester and the west and east Midlands.