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

Bellway to build 183 high quality new homes Royal Bowland Park street scene NEW.jpg.jpg

Bellway to build 183 high quality new homes

29 Oct 2025

2

University of Lancashire recognised for entrepreneurship and supporting business growth - Representatives from the University's Business School, local SMEs and the IOEE

University of Lancashire recognised for entrepreneurship and supporting business growth

29 Oct 2025

3

£8bn Typhoon order is great news for Lancashire BAE Typhoon ECRS Mk2 Radar

£8bn Typhoon order is great news for Lancashire

28 Oct 2025

4

Award-winning Lancashire wedding venue and hotel is sold The Mill at Conder Green

Award-winning Lancashire wedding venue and hotel is sold

28 Oct 2025

5

PM+M announces another 19 promotions across the firm PM+M promotions

PM+M announces another 19 promotions across the firm

27 Oct 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
November / December 2025 Magazine Launch Event
Holiday Inn Hotel
Networking
28 Oct 2025 - 18 Nov 2025

November / December 2025 Magazine Launch Event

Holiday Inn, Blackpool

16:46 - 16:45

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

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

Women scaling up Blackpool Fylde and Wyre
LBV Hub Seminars
22 Oct 2025 - 09 Jan 2026

Women scaling up Blackpool Fylde and Wyre

The Small Business Academy, Blackpool, FY4 5JX

09:30 - 15:30

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

Chamber Breakfast Networking – November
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
06 Nov 2025 - 06 Nov 2025

Chamber Breakfast Networking – November

Porsche Centre South Lakes, Carnforth, LA6 1FW

08:30 - 10:30

Lancashire Police business update with The Police and Crime Commissioner
Lancs-cham-logo.jpg.jpg
LBV Hub Roundtables
10 Nov 2025 - 10 Nov 2025

Lancashire Police business update with The Police and Crime Commissioner

Lancaster Castle, Lancaster, LA1 1YN

14:00 - 16:00

AI, Creativity, and what it means to be human
2.jpg.jpg
LBV Hub Networking
11 Nov 2025 - 11 Nov 2025

AI, Creativity, and what it means to be human

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:00

Beyond the Brand: Building trust through values and integrity
1.png.png
LBV Hub Networking
11 Nov 2025 - 11 Nov 2025

Beyond the Brand: Building trust through values and integrity

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:00

The Business Network Central and East Lancashire
LBV Hub Networking
13 Nov 2025 - 13 Nov 2025

The Business Network Central and East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

The AI Lab: E-commerce
Ai Lab ecommerce (1).png.png
LBV Hub Seminars
14 Nov 2025 - 14 Nov 2025

The AI Lab: E-commerce

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 11:30

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