Introduce an Income Inclusion Rule (IIR) which will require large UK headquartered multinational groups to pay a top-up tax where their foreign operations have an effective tax rate of less than 15% b) HM Treasury calculation of the underlying CPI basket, based on Consumer price inflation, UK: October 2022, Office for National Statistics, November 2022. zero emission cars first registered between 1 April 2017 and 31 March 2025 will also pay the standard rate While increasing tax revenues, the government is taking a responsible and disciplined approach to public spending which prioritises vital public services and infrastructure to drive economic growth.

The government will also develop a new approach to consumer protection in energy markets, which will apply from April 2024 onwards. It will work with consumer groups and industry to consider the best approach, including options such as social tariffs, as part of wider retail market reforms. The objectives of this new approach will be to deliver a fair deal for consumers, ensure the energy market is resilient and investable over the long-term, and support an efficient and flexible energy system. Office for National Statistics, Consumer Price Inflation, https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/september2022 ↩ Capital DEL that does not form part of Public Sector Gross Investment in Capital DEL, including Financial Transactions in Capital DEL, intragovernmental leases, and Scottish Government capital. Economic and Fiscal Outlook, Office for Budget Responsibility, March 2022 and Economic and Fiscal Outlook, Office for Budget Responsibility, November 2022. ↩

First Year Allowance for electric vehicle chargepoints: extend for a further two years until April 2025

Alcohol duty reform: changes to the new alcohol duty system (following the consultation after Autumn Budget 2021) As set out in Table 4.2, while borrowing is expected to fall by 2027-28, it remains higher in every year than the OBR’s March forecast. This is due in large part to higher debt interest spending and a weaker economy forecast. Table 4.2: Changes in borrowing since March 2022Public Sector Net Debt ex BoE – ONS code CPOA, Current Budget Deficit – ONS code JW2V, Public sector net investment – ONS code MUB2, Public sector net borrowing– ONS code J5IJ, General Government Gross Debt – ONS code BKPX, General Government Net Borrowing - ONS code NNBK The Autumn Statement ensures that businesses making extraordinary profits due to external factors contribute more. This includes those in the oil and gas sector. The government is therefore extending the Energy Profits Levy to the end of March 2028, and increasing its rate by 10 percentage points to 35% from 1 January 2023. National Insurance: maintain the secondary threshold for employer contributions at current level from April 2023 until April 2028(7) The OBR expects trade volumes to decline over the medium term and remain below the levels expected in their March forecast. Import volumes are expected to decline, reaching a forecast trough in Q4 2023, 8.3% below present levels, driven by the weaker path for domestic consumption. [footnote 68] The current account deficit is also expected to widen sharply from 2.0% of GDP in 2021 to 5.8% in 2022, driven largely by higher imported energy costs. However, this deficit narrows over the forecast period as energy prices fall and weaker imports reduce the trade deficit.

The NHS will continue to deliver the Elective Recovery plan published in February, and will explore further options to enable patients to make genuine choices about where to access their care from any provider - private sector or NHS - which meets NHS standards and NHS prices at both the point of GP referral and later in the pathway. This choice will be supported by radically increasing patient information, data transparency and regular monitoring of patient choice uptake. Support for Mortgage Interest: reduce wait period from 9 to 3 months and abolish the zero earnings rule The government recognises the importance of supporting upskilling throughout people’s lives, and so is introducing the Lifelong Loan Entitlement from 2025 to provide more flexible finance for adults to study throughout their lives. Investment Tariff suspensions - Following applications from business stakeholders, this measure will remove tariffs on over 100 goods for two years to help put downward pressure on costs for UK producers. The measure will remove tariffs as high as 18% on goods ranging from aluminium frames used by UK bicycle manufacturers to ingredients used by UK food producers. Public Sector Finances, UK:September 2022, Office for National Statistics, October 2022 & Economic and Fiscal Outlook, Office for Budget Responsibility, November 2022. ↩

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First Year Allowance for Electric Vehicle Chargepoints - The government will legislate in Spring Finance Bill 2023 to extend the 100% First Year Allowance for electric vehicle chargepoints to 31 March 2025 for corporation tax purposes and 5 April 2025 for income tax purposes. This will ensure that the tax system continues to incentivise business investment in charging infrastructure. Sustainable public finances provide the stability and confidence that underpin the economy, supporting businesses and households across the country. By taking the responsible decisions needed to achieve fiscal sustainability, the government is providing the necessary conditions for economic growth. GDP quarterly national accounts, UK:January to March 2022, Office for National Statistics, June 2022. ↩ HM Treasury calculation of the underlying CPI basket, based on Consumer price inflation, UK:October 2022, Office for National Statistics, November 2022. ↩ c) Euro area 10.7% October inflation is a flash estimate, and may be subject to revision when the final figures are published.