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The UK will take a different approach, continuing to build a positive environment for investment via cross-cutting measures such as full expensing, supported by targeted funding where justified to bolster the UK’s attractiveness as a place to start, grow and invest in manufacturing businesses. Source: Office for Budget Responsibility and International Monetary Fund, Fiscal Monitor, October 2023. Long-term decisions for a brighter future The government is growing the supply side of the economy While day-to-day spending will continue to grow above inflation in future years, public spending faces many pressures. The government will get the most out of every pound spent by boosting public sector productivity and by focusing spending on the government’s priorities. the government will target claimants who continue to disengage with Jobcentre support by closing the claims of individuals who have been on an open-ended sanction for over six months and who are solely eligible for the Universal Credit standard allowance. This will also end their access to additional benefits such as free prescriptions and legal aid Following a consultation, the government is reforming the activities and descriptors in the WCA to better reflect the greater flexibility and reasonable adjustments now available in the world of work. [footnote 84] This reform will prevent some individuals from being deemed as not fit for work, and ensure they are better supported into employment. These changes will apply to new claims only when the reform is implemented from 2025 onwards.

To date, the government has facilitated flights carrying almost 1,000 people to the UK. [footnote 47] The safety of British nationals remains our top priority and the government will continue to look at how it can support those who remain in Israel and Gaza. Housing Revenue Account rate: extend the preferential Public Works Loan Board rate for housebuilding to June 2025

Secondly, the government values the work of the self-employed who contribute so much to the economy. Therefore, the government will support the self-employed by cutting the main rate of Class 4 self-employed NICs from 9% to 8% from 6 April 2024. This will benefit around 2 million individuals, recognising the contribution of the self-employed and ensuring that work pays for all. NHS: funding for Agenda for Change pay awards (consolidated and non-consolidated) and winter planning Productivity Programme – The Chief Secretary to the Treasury is running an ambitious public sector productivity programme. International

Reforming the UK’s planning system is crucial to ensuring there is investment in the essential infrastructure and commercial development needed for growth. The government will progress the National Infrastructure Commission’s (NIC) April recommendations on planning by delivering reforms to return the Nationally Significant Infrastructure Project regime to the two and a half year average consenting time achieved in 2012. [footnote 126] [footnote 127] As set out in ‘Getting Great Britain building again: speeding up infrastructure delivery’ policy paper, the government’s active reform agenda to deliver this ambition includes publishing spatial data on major infrastructure projects for the first time and ensuring a more reliable process for updating National Policy Statements, further to the updates to the National Networks and Energy National Policy Statements that will be designated in the coming months. [footnote 128] The Office for Budget Responsibility (OBR) forecasts borrowing for the UK in the financial year of 2028-29. The government welcomes the Financial Reporting Council’s (FRC) renewed focus on ensuring the UK’s corporate governance and stewardship regime supports growth and enhances the UK’s international competitiveness. Reflecting the importance of this work, the government has updated the FRC’s remit. The revised remit emphasises the important role the FRC should play in promoting the competitiveness and growth of the UK economy whilst fulfilling its core purpose of enhancing public trust and confidence in corporate governance. [footnote 134] ISA: Expanding the Innovative Finance ISA to include open-ended property funds with extended notice periods – The government will allow open-ended property funds with extended notice periods to be permitted investments in the Innovative Finance ISA from April 2024.In October 2023, the Prime Minister announced a strong action plan to ensure every student has the literacy and numeracy skills they need to thrive through the introduction of the Advanced British Standard. This new Baccalaureate-style qualification will bring the best of A-Levels and T-Levels together, creating a unified structure that puts technical and academic education on equal footing. This reform will ensure every student in England studies some form of maths and English to age 18, boosting basic skills and bringing the UK in line with international peers. It will increase the number of taught hours by 15% for most students aged 16 to 19 and will broaden the number of subjects students take. By increasing employment and investment and increasing the size of the economy, policy has indirect benefits to the public finances. On average, the underlying forecast improvement since the OBR’s March forecast is greater than the combined direct and indirect effects of policy decisions, as shown in Table 1.1.

By giving people greater access to mental health treatment and employment support the government aims to improve their health outcomes, providing both a better quality of life and increasing their chances of staying in or returning to work sooner. Expansion of employment support and available treatments phase 3: claimants in England and Wales who are still unemployed after 12 months on Restart will take part in a claimant review point: a new process whereby a work coach will decide what further work search conditions or employment pathways would best support them into work. If no suitable local job is available immediately, claimants will be required to accept a time-limited mandatory work placement or take part in other intensive activity, designed to increase their skills and improve their employability. If a claimant refuses to accept these new conditions without good reason, their Universal Credit claim will be closed. This model will be rolled out gradually from 2024. In January 2023 the Prime Minister set out three economic priorities: to halve inflation, grow the economy and reduce debt. The latest Office for National Statistics (ONS) data and forecasts from the Office for Budget Responsibility (OBR) show: [footnote 1]

The Autumn Statement announces a range of measures to grow the supply-side of the economy by supporting increased business investment. As the Office for Budget Responsibility set out in the Economic and fiscal outlook, full expensing is expected to raise business investment and potential output within the five-year economic forecast, and other measures could boost business investment over the longer term. [footnote 109] This box sets out some of these longer‑term effects. Policies and their economic effects The government is making changes to simplify ISAs and provide more choice, meaning it will be easier for people to choose the best ISA accounts for their needs and move money between them. This involves digitalising the ISA reporting system to make it more effective, as well as expanding the investment opportunities available in ISAs to include Long-Term Asset Funds and open-ended property funds with extended notice periods. Fostering a dynamic and innovative investment economy Supporting the UK’s scientists and innovators The government is committed to delivering the landmark G20/OECD two-pillar reform to the international tax system in response to the challenges posed by the digitalisation of the economy, which was brokered by the Prime Minister as part of the UK’s G7 presidency in 2021. This is the forecast aggregate cost of uplifting DEL budgets for higher centrally funded employer contributions to unfunded public service pensions schemes as a result of the 2020 valuations. The DEL funding will be allocated to individual departments in spring 2024. The total PSNB impact of the 2020 valuations is expected to be broadly neutral as the DEL funding will be offset by the AME benefit of those higher contributions being received as income by the Exchequer.

Individual Placement and Support expansion – The government will expand access to Individual Placement and Support (IPS) for severe mental illness, an employment support service within community mental health teams in England, to reach an additional 100,000 people over the next 5 years. The government is honouring this now, by making full expensing permanent. This reflects the government’s commitment to support businesses to invest, as well as to ensure the tax system is simple, stable and predictable. National Insurance contributions (NICs): 2p cut to the main rate of Class 1 employee NICs from January 2024 The government is also making it easier for people to choose the best ISA accounts for their needs and move money between them.The government is also simplifying the tax system for large businesses. Tax professionals have welcomed the simplicity of full expensing that was due to come to an end in March 2026, and the government has announced that this will be made permanent. The government will take this opportunity to determine how the capital allowances legislation could be simplified in consultation with industry. The government recognises the conflict has affected communities both abroad and at home and has been clear that hate crime of any kind will not be tolerated. The UK is a multinational, multi-ethnic, and multi-faith society where our strengths and values are rooted in our culture and our laws. The government is working with local communities throughout the UK in ensuring these values are upheld, and there is support in place for those affected. ISA: Expanding the Innovative Finance ISA to include Long-Term Asset Funds – The government will allow Long-Term Asset Funds to be permitted investments in the Innovative Finance ISA from April 2024.