Below is a run down of some of the key announcements and what they might mean for local businesses and the Buckinghamshire economy as a whole. And once you've read it...

We want your opinion on the Autumn Statement

Does it do what you need it to do? Are there holes in it that you think need urgent repair?

Please share your opinions via our latest Business Barometer survey >

This survey is a direct route to the heart of government, via Buckinghamshire Business First. Your answers are placed directly in front of people in positions of power so that they base their policies on the needs of businesses like yours.

Your views stand on their own merits as the voice of a real business going through real challenges that are often absent from news headlines and trending topics.

Your views also form part of a wider message sent straight to the government from the collective Buckinghamshire business community. That collective voice makes change happen.

Take the megaphone and say what you want to say >

We will publish the results of the survey on the Buckinghamshire Business First, Buckinghamshire LEP and Buckinghamshire Economic Intelligence Observatory websites.

Autumn Statement 2023 overview

Business

The big tax announcement was the decision to make the temporary measure of ‘full expensing’ (which allows companies who are subject to Corporation Tax to deduct the full cost of investing in machinery and equipment from their tax bill) permanent. This will have greatest impact within the construction, manufacturing and engineering sectors, and has been broadly welcomed by business groups.  

On the planning front, measures were announced which aim to speed up major infrastructure and business planning applications, along with access to the electricity grid. Both of which are issues that Buckinghamshire Business First have raised with central government as being barriers to business growth.  

There was also good news for many on the business rate front, with rates frozen for small businesses and some operating within the retail, hospitality and leisure industries. However, experts generally view this as a ‘sticking plaster’ and believe a major overhaul of the business rates system is still needed.  

For high growth and innovative firms, there was the promise of additional funds being made available via the British Business Bank, the Made Smarter Adoption programme, pension reforms, and reforms to R&D tax relief.

Growth sectors and infrastructure

The biggest single investment into the county’s economy announced within the Autumn Statement was £5.9m for space research and infrastructure development at the Westcott Enterprise Zone.

The investment is a result of a collaborative bid led by URA Thrusters and including Buckinghamshire Local Enterprise Partnership, Skyports and Plastron UK. Further details can be found here. 

In addition, referred to within the Autumn Statement but announced last week, funding has been secured for 5G innovation within Buckinghamshire and surrounding areas, further details of which can be found here.

Announcements that could accelerate the growth of Buckinghamshire’s key strategic growth sectors and clusters include:

• Plans for further investment in the space sector, including fostering innovation in satellite communications.
• Funding that will be targeted at firms involved with zero emission vehicles, their batteries and supply chains, of which there is a cluster of activity at Silverstone.
• The extension of tax relief within the film and high-end TV industry, which should benefit the creative cluster to the south of the county.

People and skills

There were a number of labour market-related announcements within the Autumn Statement, the most significant for businesses and economic growth probably being the decision to raise the National Minimum Wage to £11.44 per hour from April 2024. This will disproportionately benefit women and young people who are most likely to work in minimum wage roles. It will, however, cause a headache for some small businesses with narrow margins.

On the skills front, the government is committing £50m to increase the take up of Apprenticeships in high value sectors, including engineering, an area identified as a priority in the Buckinghamshire Local Skills Improvement Plan, developed by Buckinghamshire Business First on behalf of Buckinghamshire employers. 

Whilst measures announced to help people with health-related barriers back into work could increase the supply of workers within the local economy.

Devolution

And finally, a word on devolution within England. Four new devolution settlements were announced within the Autumn Statement (Hull and East Riding, Greater Lincolnshire, Cornwall, and Lancashire), along with the decision to offer Level 2 responsibilities to local authorities that cover a "whole county area" (such as Buckinghamshire) where there is local consent. Details of Level 2 responsibilities can be found within an updated Devolution Framework.

More details can be found within the full Autumn Statement report and supporting documentation which are available here.

We want your opinion on the Autumn Statement

Please share your opinions on the Autumn Statement via our latest Business Barometer survey >

Your answers are placed directly in front of people in positions of power so that they base their policies on the needs of businesses like yours.

Your views also form part of a wider message sent straight to the government from the collective Buckinghamshire business community. That collective voice makes change happen.

Take the megaphone and say what you want to say >

We will publish the results of the survey on the Buckinghamshire Business First, Buckinghamshire LEP and Buckinghamshire Economic Intelligence Observatory websites.