Autumn statement 2023 wish list
Last week, it was announced that the Autumn Statement will be presented by the Chancellor of the Exchequer on 22 November. What would you like to see announced and why?
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18 responses from the Newspage communityCopy all
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A recognition thatmPrivate Landlords have a signifcant role to play in the government housing strategy, and that they will reverse decisions that have driven landlords away from the market. Allow the offseting of interest costs, and lower stamp duty costs will be a great start.
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For the residential market, there needs to be a way to increase activity, for example, stamp duty, first-time buyers' stamp duty should be extended but for those who have to pay stamp duty the option to pay this in instalments over say the life of the mortgage (even with interest charged for this option) rather than a lump sum would benefit so many people but not sure how lenders would feel about this in affordability assessments. When sold the balance of any SDLT owed would be taken out of the purchase price.
It's also time to stop making landlords the scapegoat for the UK's housing issues and recognise that private landlords have to be part of the solution. I'm all for better regulation and registration of landlords to get rid of the bad ones but for things like energy efficiency is vital to support landlords to make the changes that are required - perhaps government back loans to assist landlords to upgrade to improve the housing stock would be better than undeliverable targets.
It's also time to stop making landlords the scapegoat for the UK's housing issues and recognise that private landlords have to be part of the solution. I'm all for better regulation and registration of landlords to get rid of the bad ones but for things like energy efficiency is vital to support landlords to make the changes that are required - perhaps government back loans to assist landlords to upgrade to improve the housing stock would be better than undeliverable targets.
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A reduction in corporation tax would certainly help small businesses to invest in more jobs and some support for those worst impacted by cost of living and mortgage rate hikes is needed.
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The chancellor has given himself as much time as possible for inflation to come down, so he can start sticking money back in people's pockets. With an election next year, I expect there to be broad tax cuts across the board. Increases to personal allowances, business tax cuts and even the lunacy policy of abolishing inheritance tax. Business tax cuts will be welcomed, widely, and should have been implemented years ago. Hunt will, however, go too far in trying to keep the blue rinse brigade happy and alienate middle-of-the-road voters, but what else is there to expect from a chancellor, and party, so out of touch with the electorate?
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Corporation tax is too high - it's stymieing growth and, arguably, stoking inflation. The Business Rates system is a joke and needs to be totally reformed - it's killing the high street and bankrupting small businesses. The High Income Child Benefit Charge also needs to be reviewed - it's confusing and unfair.
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This year’s budget needs to instil confidence. 2023 has been a series of false dawns; we’re avoiding recession but we aren’t exactly seeing strong growth, and inflation and interest rates still trouble businesses.
One of businesses’ biggest challenges is recruitment and skills investment. Many - industries, construction, hospitality and agriculture included - have a labour shortage. In the Spring Budget - dubbed the ‘Back to Work Budget’ - the Chancellor announced ways to upskill and get people into work. This included Returnships for over 50s and childcare support changes, which kick in next year. These were welcomed but businesses need action now.
Earlier this year, the Chancellor announced changes to R&D tax credits valued at £1.8bn. That’s great, but current economic conditions aren’t ideal for those investments - with or without the relief. Businesses need stable interest rates and reduced inflation. Once confidence returns, businesses can think about investing for growth.
One of businesses’ biggest challenges is recruitment and skills investment. Many - industries, construction, hospitality and agriculture included - have a labour shortage. In the Spring Budget - dubbed the ‘Back to Work Budget’ - the Chancellor announced ways to upskill and get people into work. This included Returnships for over 50s and childcare support changes, which kick in next year. These were welcomed but businesses need action now.
Earlier this year, the Chancellor announced changes to R&D tax credits valued at £1.8bn. That’s great, but current economic conditions aren’t ideal for those investments - with or without the relief. Businesses need stable interest rates and reduced inflation. Once confidence returns, businesses can think about investing for growth.
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Tax cuts for businesses would be the dream for many business owners; however, I think that the government will keep the vote-winning moves until closer to the general election which is expected late next year.
There will be some token gestures but in the main, I think that the hard times will continue until inflation has been tamed.
There will be some token gestures but in the main, I think that the hard times will continue until inflation has been tamed.
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Personally, we'd like to see government-backed funding, tweaks, and rule changes to the Shared Ownership property market - strict rules to break the builder/Housing Association activities to ensure "real" growth in house building in this sector.
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The Chancellor has to go 'all-in' on improving productivity to drive economic growth. It's been too low for far too long and it's crucial we do something about it. When public and private debt is as high as it is, the only solutions are to drive growth so it falls in relation to GDP, or inflate away the debt. And we know how insidious inflation is for living standards.
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Through the budget statement, the Chancellor has the opportunity to effectively cut taxes and drive growth in the UK. Firstly, by reducing taxes, the Chancellor can provide individuals and businesses with greater disposable income and encourage consumer spending. This is a tried and tested method of stimulating growth.
The minimum expectation of a Conservative government is to implement a low tax high growth model. It is needed now more than ever to stimulate demand, leading to increased sales, production, and job creation, eventually fueling economic growth.
Additionally, by implementing targeted tax cuts for specific industries or sectors, the Chancellor can incentivise investment and innovation, leading to productivity gains and long-term economic development. By strategically allocating resources and prioritising investments in infrastructure, education, and research, the Chancellor can further boost growth, attracting domestic and foreign investment.
The minimum expectation of a Conservative government is to implement a low tax high growth model. It is needed now more than ever to stimulate demand, leading to increased sales, production, and job creation, eventually fueling economic growth.
Additionally, by implementing targeted tax cuts for specific industries or sectors, the Chancellor can incentivise investment and innovation, leading to productivity gains and long-term economic development. By strategically allocating resources and prioritising investments in infrastructure, education, and research, the Chancellor can further boost growth, attracting domestic and foreign investment.
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I would like to see more help for small businesses - less red tape, lower taxes, and more grants and incentives to encourage a return to the "nation of shopkeepers".
Government need to realise that small businesses are the backbone of this country. If all the small-business owners in the UK went to sleep for 30 consecutive days, the entire nation would grind to a halt.
Government need to realise that small businesses are the backbone of this country. If all the small-business owners in the UK went to sleep for 30 consecutive days, the entire nation would grind to a halt.
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I'd love to see a targeted stamp duty holiday. Millions of people are having to get to grips with higher mortgage payments and removing stamp duty for anyone buying a cheaper property to manage would help a lot of households out whilst stimulating activity in the property market in a non-inflationary way. In fact, more transactions could even boost overall takings for HMRC. It's a win-win situation.
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As a hospitality business owner, this year's Autumn Budget will be a clear waymarker for our future direction and investment levels over the next 2-5 years.
When we opened our first site in 2021, already hampered and delayed by Covid, we were optimistic for fast growth and expansion.
That has not materialised, and although we continue to invest in our current site maximising all potential areas of income and efficiencies, investing on larger scale expansion is on hold.
The budget needs to respond to challenges being faced by high street businesses, in particular hospitality. Business grants for training, apprenticeships or investment should be rolled out. A reduction in stifling business rates and VAT should be addressed.
Low-interest loans for business start-ups should be explored. Inflation is slow to come down. Let's admit defeat with the punishing approach of shrinking incomes through interest rates, and instead maximise the potential economic growth available.
When we opened our first site in 2021, already hampered and delayed by Covid, we were optimistic for fast growth and expansion.
That has not materialised, and although we continue to invest in our current site maximising all potential areas of income and efficiencies, investing on larger scale expansion is on hold.
The budget needs to respond to challenges being faced by high street businesses, in particular hospitality. Business grants for training, apprenticeships or investment should be rolled out. A reduction in stifling business rates and VAT should be addressed.
Low-interest loans for business start-ups should be explored. Inflation is slow to come down. Let's admit defeat with the punishing approach of shrinking incomes through interest rates, and instead maximise the potential economic growth available.
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I would like to see a better deal for micro/ small business owners about a more beneficial tax environment that rewards their efforts. It is also about time the government dealt with the lack of funding for businesses replacing the funds that were available through Europe.
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"From now on, we are going to do things sensibly and promote stability in the market".
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From a manufacturing point of view, I'd like to see cash set aside for a proper industrial strategy.
We've heard lots of hot air from the Government in recent times about the UK being "high-wage, high-skilled, and high-productivity", and yet we're the only major economy without a long-term national manufacturing plan. The sooner the Government acts the better, otherwise we risk missing out on investment opportunities and the associated growth prospects.
We've heard lots of hot air from the Government in recent times about the UK being "high-wage, high-skilled, and high-productivity", and yet we're the only major economy without a long-term national manufacturing plan. The sooner the Government acts the better, otherwise we risk missing out on investment opportunities and the associated growth prospects.
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As a small business working from home we would dearly love to see more support during the winter months.
Our gas and electric bills are set to soar once again and there is a real concern about how we juggle that.
I hope to see more support for small businesses but I won't hold my breath.
Our gas and electric bills are set to soar once again and there is a real concern about how we juggle that.
I hope to see more support for small businesses but I won't hold my breath.
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Be bold! Whilst the Chancellor is facing an escape act that Houdini would have baulked at, he must find ways to generate growth in the economy whilst balancing the books in the face of significant wage rise demands. One of the main issues facing businesses currently is the availability of credit. The Government already has the instrument in place to encourage business lending with the British Business Bank. With banks set to reap a bumper profit following rapid interest rate rises a temporary tax similar to that levied on the energy companies could be applied. The revenue raised could then be used to provide finance to new start-ups and businesses looking to expand. This will help to revitalise the economy whilst also providing jobs and ultimately tax revenue in the future.
Only bold action will break the spiral we are in, and frankly provide the Conservatives with a meaningful policy distinction from Labour.
Only bold action will break the spiral we are in, and frankly provide the Conservatives with a meaningful policy distinction from Labour.