Chancellor Aims To Help Business And Infrastructure

23rd November 2023

"Full expensing" tax break - allowing companies to deduct spending on new machinery and equipment from profits - made permanent.

The 75% business rates discount for retail, hospitality and leisure firms in England extended for another year.

Households living close to new pylons and transmission infrastructure to get up to £1,000 a year off energy bills for a decade.

New premium planning services across England, with faster decision dates for major business applications and fee refunds when these are not met.

Funding of £4.5bn to attract investment to strategic manufacturing sectors, including green energy, aerospace, life sciences and zero-emission vehicles.

Some £500m over the next two years to fund artificial intelligence innovation centres.

Financial incentives for investment zones and tax reliefs for freeports extended from five years to 10 years, with new investment zones announced for the West Midlands, East Midlands and Greater Manchester, as well as Wrexham and Flintshire.

A further £80m for new Levelling Up Partnerships to fund regeneration projects in Scotland.