The government’s priorities are stability, growth and public services. Economic stability relies on fiscal sustainability – and the Autumn Statement sets out the government’s plan to ensure that national debt falls as a proportion of the economy over the medium term. This will reduce debt servicing costs and leave more money to invest in public services; support the Bank of England’s action to control inflation; and give businesses the stability and confidence they need to invest and grow in the UK. These changes will allow the government to better distribute and price risk when using the balance sheet to deliver its policy objectives. This improved transparency will ensure the UK remains an international leader in the management of contingent liabilities. Appointment of Adviser on Skills Reform - The government recognises that skills are crucial in driving long-term economic growth and is taking forward major reforms set out in the Skills for Jobs White Paper: delivering T Levels, approving Higher Technical Qualifications, rolling out skills bootcamps, and introducing the Lifelong Learning Entitlement from 2025. To help maximise the impact of these commitments, Sir Michael Barber has been appointed to advise the Chancellor of the Exchequer and the Secretary of State for Education on the implementation of current reforms.

Sustainable public finances provide the stability and confidence that underpin the economy, supporting businesses and households across the country. By taking the responsible decisions needed to achieve fiscal sustainability, the government is providing the necessary conditions for economic growth. Alcohol duty reform: changes to the new alcohol duty system (following the consultation after Autumn Budget 2021) Additional costs associated with extending student finance eligibility to individuals on Ukraine visa routes from 1 August 2022 Contingent liabilities which can only be described annually, as they are ongoing risks without a fixed expiry date. This measure is expected to have an indirect effect on wages. The impact of this effect on tax receipts is captured as part of the wider OBR forecast.improved ambulance response times for Category 2 incidents to 30 minutes on average over 2023-24, with further improvement towards pre-pandemic levels in 2024-25 Source: HM Treasury contingent liability database and Contingent Liability Central Capability analysis

Review of Integrated Care Boards - The government has asked former Health Secretary Patricia Hewitt to lead an independent review into oversight of Integrated Care Boards in England and how they can best work with autonomy and accountability. Economic and Fiscal Outlook, Office for Budget Responsibility, March 2022 and Economic and Fiscal Outlook, Office for Budget Responsibility, November 2022. ↩ Support for Mortgage Interest: reduce wait period from 9 to 3 months and abolish the zero earnings rulePublic Sector Net Debt ex BoE – ONS code CPOA, Current Budget Deficit – ONS code JW2V, Public sector net investment – ONS code MUB2, Public sector net borrowing– ONS code J5IJ, General Government Gross Debt – ONS code BKPX, General Government Net Borrowing - ONS code NNBK Vehicle Excise Duty: equalise treatment of electric and internal combustion engine vehicles from April 2025 These figures exclude three contingent liabilities which do not expire and so can only be described on an annual basis. ↩ keeping the UK’s headline Corporation Tax Rate internationally competitive at 25% – the lowest in the G7 – and protecting 70% of trading companies at 19% with the Small Profit Rate The government recognises the importance of supporting upskilling throughout people’s lives, and so is introducing the Lifelong Loan Entitlement from 2025 to provide more flexible finance for adults to study throughout their lives. Investment

The government’s commitment to responsible management of the public finances is codified in new fiscal rules published in the Autumn Statement. The rules ensure that policy puts the public finances on a sustainable path, requiring that debt falls as a share of the economy over the forecast, while providing space for the economy to recover.Public sector net worth (PSNW) as a % of GDP is expected to be on an improving path from 2023-24 onwards. The OBR forecasts PSNW to strengthen to -89.4% of GDP in 2027-28, from a trough of -97.2% of GDP in 2023-24, improving faster than underlying debt due to a build up of financial and non-financial assets. Table 4.3: Overview of the OBR’s fiscal forecast (% of GDP) At Spending Review 2021, departments were also provided with funding to cover employer costs of the Health and Social Care Levy. As the Levy is no longer being introduced as a separate tax from April 2023 and departments will not face these additional costs, their budgets have been adjusted to remove this compensation. While delivering overall spending restraint, the government is prioritising further investment in the NHS and social care, and in schools. Supporting these two public services is the government’s priority for public spending. A fair tax system also ensures that individuals doing similar work pay a similar amount of tax, and that those with unearned income also contribute. The Autumn Statement reduces the generosity of the Dividend Allowance and the Capital Gains Tax Annual Exempt Amount. The Personal Allowance will generally be available in addition to the reduced Dividend Allowance and Capital Gains Tax Annual Exempt Amount.

Investment zones - The government will refocus the Investment Zones programme to catalyse a limited number of high potential clusters, working with local stakeholders, to be announced in the coming months. The existing expressions of interest will therefore not be taken forward. Both the IIR and QDMTT will incorporate the substance based income exclusion that formed part of the G20-OECD agreement. This will be legislated for in Spring Finance Bill 2023. The NHS will publish full recovery plans for the urgent and emergency care and primary care systems including interim milestones in the new year. These plans will set out detailed ambitions for recovery to deliver: In ensuring sustainable public spending, the government’s focus is on protecting vital public services, prioritising the needs of low-income households and levelling up the country. The government has committed to return to spending 0.7% of Gross National Income (GNI) on Official Developmental Assistance (ODA) when, on a sustainable basis, the government is not borrowing for day-to-day spending and underlying debt is falling. In accordance with the International Development (Official Development Assistance Target) Act 2015, the government will continue to review and confirm each year whether a return to spending 0.7% of GNI on ODA is possible against the latest fiscal forecast with spending assumed at around 0.5% of GNI until then.NHS workforce plan - The government is publishing a comprehensive NHS workforce plan, including independently verified workforce forecasts, next year. This will include measures to make the best use of training to get doctors, nurses and allied health professionals into the workforce, increase workforce productivity and retention. The government will refocus the Investment Zones programme. The government will use this programme to catalyse a limited number of the highest potential knowledge-intensive growth clusters, including through leveraging local research strengths. The Department for Levelling Up, Housing and Communities will work closely with mayors, devolved administrations, local authorities, businesses and other local partners to consider how best to identify and support these clusters, driving growth while maintaining high environmental standards, with the first clusters to be announced in the coming months. The existing expressions of interest will therefore not be taken forward. The government is grateful to local authorities for their work to develop proposals. Innovation Options to improve the A75 - The government is reconfirming its commitment to work with the SG on options to improve the A75, in line with the findings from the Union Connectivity Review. The government has offered development funding to support this, subject to a business case from SG.