Skip to content
CityAM
Main navigation
  • News
    • News
      • Latest Business News
      • Economics
      • Politics
      • Tech
      • Banking
      • FTSE 100 Live
      • Retail
      • Insurance
      • Legal
      • Property
      • Transport
      • Markets
    • From our partners
      • AON
      • Bayes Business School
      • Canada BIDs
      • Central London Alliance CIC
      • Destination City
      • Halkin
      • Olympia
      • Inside Saudi
      • Tottenham Hotspur Stadium
      • Santander X
      • YEAR SIX Dividend
    • Featured

      Ministers open door to phased Heathrow third runway plan

      Heathrow Airport terminal bustling with travelers and staff, showcasing modern architecture and international flight activity

      Submit a story

      Tell us your story.

      Submit
  • Opinion
  • Sport
    • Latest Sports News
      • Sport
      • Sport Business
    • From our partners
      • The Morning Briefing: SBS x CityAM
      • Aramco Team Series
      • LIV Golf
    • Featured

      Concern as gambling black market set for £40m Royal Ascot boost

      GettyImages 2282074836 showing a significant event with key figures in a professional setting, highlighting a major develo...

      Submit a story

      Tell us your story.

      Submit
  • Life&Style
    • Life&Style
      • Life&Style
      • Toast the City Awards
      • The Magazine
      • Travel
      • Culture
      • Motoring
      • Wellness
      • The RED BULLETiN
      • Do it with Shared Ownership
      • Media Speak Hub
    • Featured

      Mexican Michelin stars arrive in the Square Mile at Ned pop-up

      The Ned Los Felix Mexican restaurant interior with vibrant decor and patrons enjoying authentic Mexican cuisine

      Submit a story

      Tell us your story.

      Submit
  • Investec
  • Events
  • Latest Paper
Thursday 23 November 2023 6:00 am  |  Updated:  Wednesday 22 November 2023 9:39 pm

Autumn Statement: Pay attention, the good stuff’s in the small print

By: CityAM Editorial

Add as a preferred source on Google
Next week’s Budget marks one of the final major set pieces for Rishi Sunak’s government.
Next week’s Budget marks one of the final major set pieces for Rishi Sunak’s government.

Is it churlish to criticise a politician for a political intervention? One wouldn’t groan at Harry Kane for a well struck penalty or a ballet dancer for a well-executed plié, so maybe it’s harsh to look at Jeremy Hunt’s Autumn Statement in any other context than whether it worked on its own terms.

In that case, it did; it had retail offers, doorstep talking points and above all else managed to force Labour into choosing whether to criticise a tax cut. With 110 measures, it can hardly be described as light. 

There is plenty to like: full expensing, obviously. Rate relief for small business is welcome, though bigger businesses were unfairly targeted.

The best stuff was, though, in the small print. A host of consultations and white papers published alongside promised genuine supply side reform, with planning in particular in the crosshairs. In the longer term, that slightly more boring stuff may be the more transformative. 

Because – as Westminster discovered today, long after economists had grown tired of bemoaning it – fiscal drag means the ‘tax cut’ on national insurance is more of a plaster on a seeping wound. The frozen tax thresholds are a mean way of raising tax; designed to not be noticed, kicking in as they do when you get a pay rise and not entirely sure what you’re supposed to be taking home at all.

The real culprit is not Jeremy Hunt, though, but a tax code that has become too complicated for individuals to understand and HMRC to police.

After Brexit, Boris and Liz Truss’ bond drama, this is politics as normal. Two parties competing on the economy, and whether or not you can keep more of your own cash. In some ways that’s cheering for those of us who believe that people are better at spending their money than government.

It’s a shame the context remains the ratcheting up, over and over again, of the size of the state. 

Read more

Bank of England’s Bailey defends bond sale programme

Governor Andrew Bailey has launched a defence of the Federal Reserve's independence.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • Opinion
  • Markets & Economics

Categories

  • Opinion
  • Business

Trending Articles

  • More Big Four blues as Deloitte plans to slash UK audit roles

  • Rathbones to suspend thousands of client account inflows after FCA probe deals £530m blow

  • As it happened: Stocks sink after Fed and Bank of England opt for hawkish hold; Oil price tumbles

  • Rolls-Royce shares surge as SMR unit bags multi-billion pound Swedish nuclear contract

  • Baillie Gifford in line for Anthropic windfall just months after £3.6bn SpaceX bonanza

More from CityAM

  • Bank of England’s Bailey defends bond sale programme

    Economics
    Governor Andrew Bailey has launched a defence of the Federal Reserve's independence.
  • Martin Sorrell calls WPP ‘catatonic’ as Goldman slaps sell rating on its own client

    Media
    Former WPP chief Sir Martin Sorrell has offered a warning to the government ahead of tomorrow’s Autumn Statement.
  • Investors ‘reluctant’ to splash cash on UK banks amid crisis in Number 10

    Banking
    Andy Burnham addressing audience as Mayor of Greater Manchester in formal setting, wearing a suit and tie.
  • Time to Aim higher: ‘No visible effect’ of flagship pensions overhaul a year on, industry chief warns

    Investing
    Mansion House meeting of pension fund leaders discussing investment strategies and financial accords in a grand boardroom ...
  • ‘Don’t feel great’: Treasury minister irked by Darren Jones and Mandelson texts

    Politics
    Darren Jones speaking at a conference podium, addressing business professionals, dressed in a formal suit and tie.
  • Streeting attacks Burnham’s pledges as ‘appeal to party at expense of Brits’

    Politics
    Wes Streeting, British politician, delivering a speech at a press conference with a focused expression and engaging the au...
  • More than 80 retail bosses urge Starmer to tackle youth unemployment crisis

    Retail
    Labour MPs are being warned a “perfect storm” of costs facing the retail sector could see seats lost to Reform UK.
  • Starmer dares Labour rebels to trigger contest if they want him out

    Politics
    Sir Keir Starmer standing resolute, addressing media amid political pressure, refusing resignation calls in a formal setting

CityAM Canada — business, markets and opinion for Canadian readers.

Sections

  • Business
  • Markets
  • Tech
  • AI
  • Economics
  • Opinion
  • Cities

Company

  • About
  • Contact

Legal

  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 CityAM Canada. All rights reserved.
Terms · Privacy · Cookies