Reaction to the Government's Autumn Statement
Today saw the Chancellor Jeremy Hunt set out the Government's Autumn Statement, and publication of the Office for Budget Responsibility’s latest forecast.
The Statement saw significant consolidation in the Government’s spending and taxation plans, with notable measures for industry including:
- Defence spending will remain above 2% GDP, with a refresh of the Integrated Review to take place.
- The Government will maintain its pledge to increase public funding on R&D to £20bn in 2024-25.
- Funding for the UK’s 9 Catapults will increase by 35% compared the last five-year funding cycle, equating to a £1.6 billion investment.
Commenting on the Statement, ADS Chief Executive, Kevin Craven said:
“Today’s Autumn Statement is delivered at a time when the UK is facing significant economic challenges, from surging inflation and energy costs, to employers’ needs for skilled workers to fill current vacancies and the jobs of the future.
“The Government must therefore strike a balance between necessary steps to restore confidence, and putting in place the investment and support needed for our economy to return to long-term sustainable growth.
“We welcome continued commitment to the rising investment in R&D needed to support the UK’s ambitions as a science superpower and in advanced manufacturing.
“Businesses in our sectors will await the outcome of announced reviews into future energy support and skills, and to understand any impact on spending plans, particularly on defence following the completion of the Integrated Review refresh. We will continue to support our members in representing our sectors’ needs to the Government.”