- The Chancellor of the Exchequer presented the Autumn Statement on 22 November 2023, setting out the Government’s (HMG) economic priorities and tax and spend measures.
- As part of 110 overall business measures, notable announcements included the welcome decision to make full expensing permanent (as called for by ADS), pension reforms to drive investment in infrastructure, planning and electricity grid connection reforms, support for a strengthened concierge offer from the Office for Investment, and the announcement of new Investment Zones.
- As announced last week, the Chancellor confirmed the allocation of £975m to long-term aerospace R&D as part of a wider package of support for advanced manufacturing, which ADS welcomes.
Commenting on the Autumn Statement, ADS Chief Executive, Kevin Craven, said:
The UK’s aerospace, defence, security, and space sectors are powerhouses of growth, hubs of ground-breaking innovation, and pioneers of the UK’s advanced manufacturing capability. With a 2024 election on the horizon, today’s Autumn Statement is a welcome publication.
Our sectors – who contribute £36bn in value add to the UK economy while directly employing 417,000 people – are highly supportive of the efforts to boost business investment. ADS is very pleased to welcome the decision to make capital full expensing permanent, as called for in our letter to the Chancellor.
The UK’s aerospace sector is responsible for world-leading innovation and technology, long-term backing through £975m in funding committed until 2030 is hugely important as investment in R&D continues at rapid pace.
For critical national infrastructure, reforms to connections to the electricity grid; the fast tracking of planning applications; the introduction of pension reforms; the merger of R&D Expenditure Credit (RDEC) and SME schemes; and the additional support to our workforce capability are all significant to our prosperous sectors.
These measures, while welcome and highly long-awaited, represent just some of the steps needed to secure UK advantage in an increasingly complex geopolitical environment. ADS looks forward to working with political stakeholders to ensure the continued success of UK industry.
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