CPP responds to the Autumn Statement

22 November 2023

Responding to today's Autumn Statement, Charlotte Alldritt, CEO of the Centre for Progressive Policy said:

“This isn’t a dash for growth, it’s a run for cover. The Chancellor has all but undone a year’s work restoring the UK’s economic credibility, stretching credulity to breaking point with his gaming of fiscal rules.

“Spending today’s so-called ‘fiscal headroom’ means storing up huge problems down the line. A plan to impose real-terms cuts to public investment, when public services are creaking, is no ‘autumn statement for growth.’

"The Chancellor is right to focus on the need to ratchet up business investment, which has long trailed levels in comparable economies and has been a factor in our chronically low productivity growth. But he was light on policy detail on how his measures - particularly on skills and planning - would help to unlock £20bn per year from the private sector.

“Full expensing, while a welcome move to raise investment in the long run, risks favouring london and the South East, as previous CPP analysis shows.

“The smattering of devolution deals and investment zones do not add up to a package for fair, sustained growth across the country, and their presence in marginal seats appears cynical.”