Autumn Statement: investment, not tax cuts, will grow the economy and deliver net zero

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24 November, 2023


The centrepiece of this pre-election Autumn Statement was £20 billion of tax cuts for businesses and individuals, the largest in decades.

  • But these giveaways are largely being paid for by taking the axe to public spending in a manner set to sharpen dividing lines with Labour over the role investment in net zero industries could play in driving up our growth rate.
  • There was also very little in the statement on climate and nature, and we await the detailed response to the US Inflation Reduction Act that had been promised.
  • Although there were some good planning reforms, which may free up much needed investment in the grid, also missing were the trailed announcements on a Carbon Border Adjustment Mechanism and a battery strategy to support electric vehicle manufacturing.


Steve Coulter, head of economy,

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