The British finance minister, Jeremy Hunt, is expected to announce a permanent tax break for businesses in his Autumn Statement. The Times and Financial Times newspapers reported this on Tuesday. This policy, known as full expensing, allows businesses to immediately offset investments in plant and machinery against tax. It currently worth around 9 billion pounds a year and had been set to end in 2026. The Financial Times citing government officials said that the permanent extension would be Hunt’s flagship reform to boost growth.

Hunt has previously expressed his desire to make the tax break permanent when the fiscal position allows. Additionally, Hunt is also expected to cut the headline rates of national insurance for approximately 28 million people.

On the eve of delivering his budget update, Hunt announced that Britain’s national minimum wage will increase by 9.8% to 11.44 pounds per hour from April 2024, up from 10.42 pounds.