Today, the Chancellor said that through the central ‘growth mission’, the Government is restoring stability, increasing investment, and reforming the economy.

Our press release responding to the announcement is here.

A summary of the main announcements with substantial relevance to retail are below. We will continue to look at the detail of the Autumn Statement in the coming days – if you have any specific questions or areas of concern please get in touch.

BUSINESS TAXES

  • Business rates:
    • An intention to introduce permanently lower multipliers for retail, hospitality and leisure (RHL) properties with a rateable value (RV) under £500,000 from April 2026-27, funded via a higher multiplier on all properties with RV of £500,000 and above. The quantum is not specified.
    • A business rates Discussion Paper has been published, setting out the government’s priority areas for reform and next steps, which include data transparency, shortening periods between revaluations, improvement relief, with an initial phase of engagement before Christmas 2024. The VOA has also published a response to the Disclosure Consultation, proposing greater transparency in the business rates system. 
    • During the interim period, for 2025-26 the Small Business Multiplier will be frozen and eligible Retail, Hospitality and Leisure properties will receive 40% relief (down from 75%), subject to the total cash cap of £110,000 per business.
  • Corporation Tax: A Corporate Tax Roadmap has been published, confirming the government will cap the rate of Corporation Tax at 25% for the duration of the Parliament.
  • Fuel Duty: The government will freeze fuel duty rates for 2025- 26 and the 5p cut in fuel duty rates will be extended by 12 months. The planned inflationary increase for 2025- 26 will not take place.
  • Alcohol Duty: The government will cut alcohol duty rates on draught products below 8.5% alcohol by volume (ABV) by 1.7%. Alcohol duty rates on non-draught alcoholic products will increase in line with RPI inflation. These measures will take effect from 1 February 2025.
  • Tobacco Duty: The government will renew the tobacco duty escalator at RPI+2% on all tobacco products until the end of this Parliament. The rate on hand-rolling tobacco will increase by a further 10% this year. These changes will take effect from 6pm on 30 October 2024 and will be included in Finance Bill 2024-25.
  • Vaping Products Duty: A flat-rate excise duty on all vaping liquid will be introduced from 1 October 2026 at £2.20 per 10ml vaping liquid, accompanied by an equivalent one-off increase of £2.20 per 100 cigarettes / 50g of rolling tobacco in tobacco duty.
  • Capital Allowances - Electric Vehicles: The government is extending 100% First Year Allowances for zero emission cars and EV charge points for a further year.

EMPLOYMENT

  • NMW/NLW: From April 2025, NLW will increase to £12.21 per hour for all eligible employees, and NMW for 18-20 year olds will increase to £10.00 per hour for all eligible workers. The government is also increasing the minimum wages for Under 18s and Apprentices to £7.55 per hour.
  • National Insurance: The government is increasing the rate of employer National Insurance contributions (NICs) from 13.8% to 15% and reducing the per-employee threshold at which employers become liable to pay National Insurance (the Secondary Threshold) from 6 April 2025 to £5,000.
  • Employment Allowance: The government will increase the Employment Allowance from £5,000 to £10,5000 next year and remove the £100,000 eligibility threshold.
  • Carer’s Allowance: From April 2025 the government will increase the Carer’s Allowance weekly earnings limit from £151 a week to the equivalent of 16 hours at the National Living Wage.
  • Uprating of Benefits: The Government is increasing working age benefits in line with inflation, measured by September CPI (1.7%). The government is also maintaining the Triple Lock for the duration of this Parliament, with State Pension due to increase by 4.1% in 2025-26.
  • Skills: Providing an additional £300 million for FE and transforming the Apprenticeship Levy into a Growth and Skills Levy through £40 million investment.

INFRASTRUCTURE, PLANNING AND ENERGY

  • Infrastructure: The government will publish a 10-year infrastructure strategy alongside Phase 2 of the Spending Review, outlining the government’s long-term approach.
  • Planning: The government will respond to the National Planning Policy Framework consultation before the end of the year and the Planning and Infrastructure Bill to be introduced in Parliament early next year.
  • Great British Energy: The government will fund Great British Energy, a new, publicly owned, clean energy company.

OTHER MEASURES

  • Statutory open data scheme for road fuels prices (Fuel Finder): The government is introducing a requirement for all UK retail petrol-filling stations to report prices and the unavailability of fuel within 30 minutes of a change, with the intention to launch the scheme by the end of 2025.
  • Sustainable Farming: The government will provide £5 billion over 2024-25 and 2025-26 to support the transition towards a more productive and environmentally sustainable agricultural sector in England.
  • Packaging Reform: Reaffirmed the government’s commitment to move towards a zero-waste economy and implement the Collection and Packaging Reforms Programme.
  • Soft Drinks Industry Levy: Soft Drinks Industry Levy (SDIL) will be increased, over the next five years, to reflect the 27% CPI inflation between 2018 and 2024, starting on 1 April 2025 and will also reflect future yearly CPI increases.
  • Devolved: The devolved governments will receive an additional £6.6 billion through the operation of the Barnett formula in 2025-26, including £3.4 billion for the Scottish Government, £1.7 billion for the Welsh Government and £1.5 billion for the Northern Ireland Executive.
  • Retail Crime: The core government grant for police forces will increase under the departmental pay settlement to support frontline policing and deliver 13,000 additional PCSOs to tackle neighbourhood policing. In her speech, the Chancellor said additional funding will help police tackle shoplifting and organised retail crime, adding she had listened to the BRC.