CHANCELLOR SETS OUT TAX AND SPEND PLANS IN AUTUMN STATEMENT

The chancellor Jeremy Hunt has outlined his Autumn Statement aimed at boosting growth, including cuts to National Insurance and making permanent the full expensing of the capital allowance regime (Financial Times). 

The wide-ranging measures include a commitment to increase the Local Housing Allowance, simplify ISA rules and raise the state pension by 8.5 per cent. 

Meanwhile, the Office for Budget Responsibility (OBR) has estimated that the UK economy will grow much more slowly than expected in the next two years as inflation lingers (BBC News). 

David Postings, Chief Executive of UK Finance, reacted to the announcements. You can read his comments here. 

FUTURE OF PAYMENTS REVIEW PUBLISHED 

The government has published Joe Garner’s Future of Payments Review, outlining recommendations on the steps needed to deliver world leading retail payments (Financial Times). 

A key recommendation in the review is for the government to develop a national payments vision and strategy, taking into account the interdependent nature of the payments market (Reuters). 

You can read the UK Finance response to the review here. 

NEWS IN BRIEF

The average annual energy bill is set to rise by £94 in 2024 following a rise in the energy price cap, Ofgem has announced (Sky News). 

Just one in 50 Black Friday deals are at their cheapest price of the year on that day, Which? analysis of 2022 data shows (The Guardian). 

Demand for British government bonds has recovered since the 2022 mini budget, the chief executive of the UK Debt Management Office has said (Reuters). 

The owners of Scotland's only oil refinery could cease operations as soon as 2025, in favour of turning the site into a fuels import terminal (BBC News).