Commentators believe chancellor will save big announcements for March

By Tim Aldred

15 Nov 2023

Jeremy Hunt 1200

With one week until the chancellor's autumn statement, most commentators believe that the big announcements will be saved until March.

While there is some pressure on Jeremy Hunt to lower taxes in his November 22 announcement, it is likely that any blockbuster moves will be saved until the Spring when they will have a bigger impact on the general election.

Tony Medcalf, tax partner at accountancy and advisory firm MHA Moore and Smalley, said: "People have asked me if the government will use the autumn statement to unveil some potentially vote-winning tax cuts. My personal view is the chancellor will save any major tax changes for the spring budget. Anything that’s announced now is going to have less impact than if the government waits until a few months before the voters go to the polls.”

Tony added: “I don’t think the chancellor will want to risk spooking the markets with any major policy shifts when inflation is just starting to come back down. I suspect the autumn statement will be more of an update on the macro-economics, how income and expenditure is performing against forecasts, than unveiling big tax cuts.

“I always say don’t rule anything out, but I expect the fiscal fireworks to come in March’s budget announcement when an election will be looming much larger on the horizon.”

Matthew Johnson, Associate Partner, Preston headquartered chartered accountants and business advisors WNJ, says the chancellor may be limited in the options available to him.

He said: "With the Tories trailing in the polls, recent heavy by-election defeats and the economy flat-lining anything that looks like a vote-winner will be welcomed by the party faithful. However, it is also clear that the chancellor has little room for manoeuvre given the high level of national debt and other fiscal challenges facing the Treasury.

"That said, there are clear indications that the desire is there to cut business taxes in a bid to stimulate growth and get the economy moving in the right direction."

This may include extending the full expensing capital allowance regime that allows businesses to deduct the full cost of investments in IT equipment, plant or machinery from their profits.

"That would be a widely welcomed move," said Matthew. "So too would an extension to business rates relief beyond spring 2024, particularly in the hard-pressed retail, leisure and hospitality sectors."

He added: "The chancellor is also said to be considering changes to ISAs in a bid to simplify the system, along with an increase in the stocks and shares ISA annual allowance, currently £20,000.

"There have also been reports that a change in Inheritance Tax (IHT) could also be on the cards – either cutting it or scrapping it all together."

At the moment IHT is charged at 40 per cent on assets or money that you leave to your heirs over the tax-free threshold of £325,000.

Tony added: "There’s not currently a great deal separating the two largest parties in terms of their tax policies. “Inheritance tax is one of the few areas where the Conservatives would be able to create an ideological difference between themselves and the other parties.”

Away from taxation and investment incentives, small businesses will be looking to see if there is any movement on issues such as late payment and the skills agenda.

Enjoyed this? Read more from Tim Aldred

Latest news

1

Post Office future secured as council explores new options Abington Street Post Office

Post Office future secured as council explores new options

17 Sep 2025

2

Airframe Designs supports new defence strategy with pledge to nurture talent Jerrod Hartley

Airframe Designs supports new defence strategy with pledge to nurture talent

17 Sep 2025

3

Fox Group makes second acquisition since Stellex Capital backing Roger Thistlethwaite, managing director NMS Civil Engineering Limited. Paul Fox, CEO Fox Group. John Flood, Executive Director Fox Group

Fox Group makes second acquisition since Stellex Capital backing

17 Sep 2025

4

Villa at Wrea Green bought for £3.6m by Haythornthwaite family The Villa Wrea Green courtesy of The Villa Wrea Green

Villa at Wrea Green bought for £3.6m by Haythornthwaite family

16 Sep 2025

5

Fourth Lancashire Bodycare store to shut Nick Holloway of administrators Interpath

Fourth Lancashire Bodycare store to shut

16 Sep 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Ladies Lunch
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
18 Sep 2025 - 18 Sep 2025

Ladies Lunch

Lancaster Golf Club, Lancaster, LA2 0AJ

12:00 - 16:00

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

The Marketing Metrics That Matter – Sept 25
Metris 25.09.png.png
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

The Marketing Metrics That Matter – Sept 25

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 11:00

The Marketing Meetup IRL: Lancashire - September
TMM Lancashire
LBV Hub Networking
25 Sep 2025 - 25 Sep 2025

The Marketing Meetup IRL: Lancashire - September

Chorley, PR7 2SL

18:00 - 20:00

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day
MTD drop in session.jpg.jpg
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day, Blackburn, BB1 5QB

10:00 - 16:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV124 Online Graphic
Subscribe now

Weekly news bulletin