As we await this month's Autumn Statement, recent economic developments have provided a glimmer of optimism, writes Diogo Rodrigues.
The annual rate of inflation has taken a welcome dip to 4.6%, marking its lowest level in almost two years.
This reduction, coupled with the desire to invigorate the economy, sets the stage for potential fiscal policy changes that could significantly benefit businesses and consumers alike.
The recent announcement of a sharp decrease in inflation to 4.6% in October is undoubtedly positive news.
This decline, attributed in part to a drop in energy costs, aligns with Prime Minister Rishi Sunak's goal of halving inflation before the end of 2023.
We know that lower inflation provides a breathing space for both businesses and consumers, reducing the likelihood of additional rises in borrowing costs by the Bank of England.
In light of this positive development, our focus turns to the Autumn Statement, where Chancellor Jeremy Hunt has signalled a keen interest in cutting business taxes.
The prospect of extending the "full expensing" capital allowance regime, known as "the Big Daddy" of business tax cuts, is on the table.
While a one-year extension is likely, the hope is for a more permanent solution when fiscally responsible.
I echo the sentiments expressed by John Glen, Treasury chief secretary, that business taxation is a critical element for fostering growth.
I hope that the Autumn Statement addresses some key areas that can alleviate pressures on Bridgwater businesses and encourage growth.
A reduction in business rates can provide immediate relief, freeing up resources for investment and growth.
Additionally, extending investment incentives will help to stimulate economic activity and innovation.
And addressing the staffing shortage challenge that businesses are battling with is crucial if we are to see business flourish.
All eyes turn to this week's Autumn Statement.
