Jeremy Hunt's full capital expensing decision is fantastic for Yorkshire businesses: Olga Watterich

Both had extremely kind words about the positive role business plays in shaping policy and boosting our economic prospects.

With the Autumn Statement just two days later, it felt as though attendees were getting unique insight into government and opposition thinking ahead of a crucial year for business.

On Wednesday, all eyes were on Chancellor Jeremy Hunt who took to the despatch box in what could be this government’s penultimate fiscal event. And he offered CEOs across the UK some reason for festive cheer.

Facing a number of tough decisions, the Chancellor found a path to prioritise forward-thinking interventions that will kickstart the economy.

Following days of encouraging rumours, Hunt confirmed that full capital expensing will become a permanent feature of the tax system – the number one priority for businesses, and something the CBI has been campaigning on since 2021.

We’ve been steadfast in our campaign to make full expensing permanent because we know how much it matters to our members including here in Yorkshire and the Humber, and to the economy as a whole, so it was fantastic to see that hard work pay off.

This step will make it easier for firms to follow through on investment decisions – crucial to injecting some momentum into our economy. At the same time, permanent full capital expensing improves our competitiveness, keeping the UK at the top of the league when it comes to investment incentives.

It carries real potential to transform our growth trajectory and improve living standards in the long run.

And that’s not all – firms also welcomed steps to accelerate planning and grid connectivity.

That’s important because it can further boost business confidence to make investment commitments in those high growth areas so important to our sustainable growth – like green tech and renewable energy.

But there were some areas where business leaders were looking for a bit more. Next year, firms across the UK, and here in Yorkshire and the Humber will face a huge hike in business rates.

The Chancellor deserves credit for smoothing those edges for SMEs and some key sectors. Yet, a number of firms have been left out in the cold, facing soaring costs at a crunch moment in the economic cycle. And whilst we were pleased with the government’s focus on occupational health to tackle economic inactivity, there’s much more to be done to support people back into work and prevent ill-health.

At the Spring Budget next year, the Chancellor can help firms support their people – starting with making Employee Assistance Programmes tax free. That’s just one of many levers still available to get our economy growing again. We know that our economy thrives when businesses and politicians collaborate to improve our prospects.

The CBI and its members stand ready to work together and build the right business environment to deliver growth.

Olga Watterich is CBI deputy regional director for Yorkshire and Humber