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The Treasury has put out a social media plea for help, challenging would-be politicians to send in policy ideas for this year’s Autumn Statement.
Forget jotting down ideas like scrapping income tax on the back of an envelope.
This is a chance for property investors to stop griping about government policy and to put forward their ideas.
The Treasury wants responses to suggest new economic policies or how to update old policies to make them more effective.
Mandarins at the Treasury want evidence of how the policy will work and clear arguments explaining how the idea supports the aims of the Autumn Statement, including points like:
The call for ideas is open until 5 p.m. on October 13. A webform is online for making entries.
This year’s Autumn Statement is on Wednesday, November 22.
“A representation to Autumn Statement 2023 is a written submission from an interest group, individual or representative body to the Treasury to comment or suggest new policy ideas for the upcoming statement. The Treasury welcomes representations as part of the policy-making process.” said a Treasury spokesman.
“The Treasury welcomes comments on existing policy or suggestions for new policy to form policy development for the statement. Any representation should contain policy suggestions for the upcoming fiscal event and explain the policy rationale, costs, benefits and deliverability of proposals. It should also be evidence-based, providing clear arguments on how it contributes to the aims of the statement.”
The Autumn Statement is the Chancellor’s opportunity to update MPs on how the country’s finances are performing based on the latest forecasts. Hunt will also announce the government’s plans for spending and taxation.
It’s difficult to predict what the Chancellor may say at this stage. The government often leaks policy to the media to see how the public reacts. This leads to a flood of rumours, from which some progress to the statement while others are left dead in the water.
One possible rumour to watch concerns changes to inheritance tax (IHT). Speculation suggests the 40 per cent rate may be cut, or even the IHT may be scrapped.
The triple lock causes the government a lot of pain because tinkering with the formula or scrapping the measure upsets Tory MPs and many older voters - especially as in their last manifesto, the party pledged not to meddle with the triple lock.
ISA saving accounts are due to reform to simplify the six products for investors. Each ISA has a set of rules that are sometimes difficult to understand. The rumour mill hints the Chancellor will increase the ISA limit from £20,000 to £30,000 a year, but savers must wait to hear what he says on the day.
So far, Levelling-Up Secretary Michael Gove has talked about house-building targets and regulations, but the Chancellor nor any other ministers have mentioned property taxes.