The Government faced a difficult job going into the Autumn Budget, as they navigate a growing national deficit, a seemingly never-ending cost-of-living crisis and political challenges.

From the outset, the Chancellor Rachel Reeves made it clear that this would be an Autumn Budget that focused on fairness, with everyone playing their part in reducing national debt and funding spending on the people in society who need help the most.

Unsurprisingly, this means an increase in taxation across a number of areas, not least the substantial decision to freeze personal tax rates for a further three years.

Against a wide backdrop of inflation above the Bank of England’s two per cent target and rising interest payments for the public purse, the Chancellor also made it clear that higher earners and those with more wealth would be expected to pay more.

At the head of these taxes on wealth is the decision to introduce a ‘mansion tax’, a higher rate of tax on income from dividends, property and savings and a new cap on tax relief to salary sacrifice pension schemes.

Whilst personal tax focused heavily within the Autumn Budget, businesses didn’t entirely escape the net, as Reeves introduced reductions to the writing down capital allowance and a cut to the Capital Gains Tax relief on Employee Ownership Trusts.

However, the biggest sting in the tail for many businesses was the additional burden of higher employment costs, as the Government increases the National Living and National Minimum Wage once again.

Having faced endless jibes from the opposition, Reeves closed her latest speech with a focus on helping those in society and delivering support that would boost growth, reduce inflation and assist with the cost of living.