"But from a risk perspective, a divesting of potentially reputation-damaging stocks such as oil and gas, and a shift towards investments that boost social care, education and climate-friendly companies, can help to underpin insurance companies’ long-term business sustainability."
4) Hunt bids farewell to NatWest
Well, not really. What is actually happening, according to section 4.46 of the Statement, is that the government will be divesting its shareholding in NatWest.
This dates back to the credit crisis, when the UK government became the majority shareholder of RBS in November 2008 taking a 58 per cent stake in the ordinary shares alongside a tranche of preference shares. In 2015, it started to sell its shares back to the private sector.
While NatWest joined parent company from RBS Group plc in the early 2000s, the name of the whole group changed to NatWest Group plc on 22 July 2020.
According to the Statement: "The government intends to exit by 2025-26 using a range of disposal methods" (slightly threatening tone there, Hunt).
The government will explore options to launch a share sale to retail investors in the next 12 months, subject to supportive market conditions and achieving value for money.
5) Open Banking
The government is going to legislate in 2024 to find out ways to support Open Banking.
It will create a legislative framework that will allow all companies, not just the largest banks, to "participate in a sustainable and equitable commercial model, through which the technology and necessary consumer protections will be developed, and with the appropriate regulatory backstops."
6) Commitment to apprentices
Beyond secondary school education, with the proposed changes to A levels and the introduction of the Advanced British Standard, the government has pledged to boost apprenticeships.
Initially for 16-19 year olds, the government will continue to support employer-based training in England so "adults of all ages" can access high-quality apprenticeships.
The government is supporting plans to catalyse the growth sectors by committing £50mn to deliver a two-year apprenticeships pilot to explore ways to stimulate training in these sectors.
7) IR35
You thought this was all over after Kwarteng and Hunt did a dizzying pasa doble dance-off on this in 2022, but no, hidden in the documents were a couple of lines on IR35.
Section 5.50 of the 120-page document was entitled: "Off-Payroll Working (IR35) – calculation of PAYE liability in cases of non-compliance".
It said the government will legislate in the Autumn Finance Bill 2023 to allow HM Revenue & Customs to reduce the pay-as-you-earn liability of a deemed employer to account for taxes paid by a worker and their intermediary on payments received, where an error has been made in applying the off-payroll working rules.
8) Making tax digital
The government has announced the outcome of its review into the impact of Making Tax Digital for Income Tax Self Assessment on small businesses.
