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Perspectives - The Autumn Statement 2023: Harvest time

Finally…an election narrative

After several false starts to defining the Conservative Party proposition going into the next election, today’s Autumn Statement marks the real start of the campaign with, for better or worse, the Prime Minister now locked into the narrative to go to the electorate with next year – taking tough decisions that are now bearing fruit for harvest.

The cost of living and the economy are consistently the issues at the front of voters’ minds and today we saw the Conservative Party acknowledge that and act in response. This was a statement designed to sit within the approach that Rishi Sunak himself laid out earlier this week, of “Long term decisions for a brighter future”.

The strategy is broadly to, in pointed contrast to the Budget delivered by his predecessor in September 2022, highlight how taking cautious and prudent decisions on the economy, focusing primarily on reducing inflation and avoiding any substantial tax cuts, is beginning to bear fruit. These “hard choices” are now starting to have a positive effect on the economy and so the government can use the fiscal room to set the country up to benefit from this responsible fiscal management, beginning to make tax changes that will have a demonstrable impact on people’s weekly budgets so they begin to feel the impact of the easing of the pressure on the cost of living going into the next election.

To understand more of the key changes announced, read our full analysis.