On 23 September the Chancellor unveiled a new Growth Plan to tackle high energy costs and inflation, and deliver higher productivity and wages to support businesses and households.
This information is taken from the Gov.uk announcement, you can check for updates here
New measures include cancelling the planned rise in corporation tax and reversing the 1.25 percentage point rise in National Insurance contributions, a change which is expected to save 920,000 businesses almost £10,000 on average next year. The Chancellor also announced more relief for businesses by making the Annual Investment Allowance £1 million permanently, rather than a return to £200,000 in March 2023.
Further support for businesses includes:
- Investment zones / hubs for growth – Government is in discussion with 38 local and mayoral combined authority areas in England which includes releasing more land for housing and commercial development
- Sector specific support for pubs and hospitality – freezing alcohol duty for another year and consultation on reforms to modernise alcohol duties
- Plans to accelerate new roads, rail and energy infrastructure – including offshore wind farms
- New measures aimed at unlocking private investment – changing regulations to increase investment by pension funds into UK assets, benefiting savers and boosting economic growth, and incentivising investment into Britain’s science and tech companies.
Further information
Factsheets on each of the major measures can be found here:
- The Growth Plan: Factsheet on cancellation of National Insurance rise and Health and Social Care Levy
- The Growth Plan 2022: Factsheet on Investment Zones
- The Growth Plan 2022: Factsheet on Corporation Tax
- The Growth Plan 2022: Factsheet on Stamp Duty Land Tax
- The Growth Plan 2022: Factsheet on Income Tax
The full document can be found here.
