Autumn Statement latest: What businesses want from Jeremy Hunt

For lobbyists, set piece financial announcements are a great opportunity to push the government for specific measures, and this year’s Autumn Statement has been no different. Here is what the main business lobby groups have on their wish lists:

• The Federation of Small Business wants action on late payment, policies to help skills training and a continuation of 75 per cent business rates relief for the hospitality, retail and leisure sectors

• The CBI, Make UK and Energy UK have called for an extension of tax relief on plant and machinery investments

• Make UK also wants substantial reforms to the Apprentice Levy

• The British Retail Consortium, UKHospitality, Association of Convenience Stores, British Independent Retail Association and UKActive have called for a freeze in business rates

• Michelle Ovens, founder of Small Business Britain, has called for “targeted funding to help firms grow — a scale up loan solution — particularly when access to finance is so limited and interest rates pose a huge disincentive to small firms”.

The government has already put out details of one of its Autumn Statement measures.

On Tuesday, the Treasury announced that the national living wage, which applies to workers over the age of 21, will be increased by almost 10 per cent from £10.42 to £11.44 an hour.

Chancellor Jeremy Hunt said:

Next April all full-time workers on the National Living Wage will get a pay rise of over £1800 a year. That will end low pay in this country, delivering on our manifesto promise.

Before we get going with today’s announcements, here’s a reminder of what happened when chancellor Jeremy Hunt presented his first Budget on March 15, which was the first since 2021. Among the highlights were:

• Household energy price cap extended by three months

• Plans to raise the rate of fuel tax on petrol and diesel scrapped

• Government capital expenditure frozen in real terms beyond the next election

• Defence budget raised by £11bn over five years

• Almost £1bn for 12 new low-tax zones, each receiving £80mn over five years

• About £200mn to be invested in “high-quality local regeneration projects across England”

• £9bn a year for three years on corporate capital allowances to offset a rise in corporation tax

• £20bn to be invested over 20 years in carbon capture and storage

• Cap on tax-free annual pension contributions raised from £40,000 to £60,000; lifetime allowance on tax-free pension pots abolished

• Hunt promised that the Autumn Statement would deliver measures to make London’s stock market a more attractive place for companies to list

Welcome to the FT’s coverage of the Autumn Statement. As ever, it has been preceded by weeks of speculation over what Jeremy Hunt will announce when he stands up in the House of Commons.

Stay with us for a preview of what’s ahead, before the main event gets going in the House of Commons at about 12.30pm.