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UK families plan to spend less this year as the mounting cost of living pressure hits the Golden Quarter for retailers. A survey of 1,000 consumers conducted on behalf of RSM UK showed that families plan to spend on average £602 – a 13% decrease when compared to £694 last year. 

Despite recent high-profile listings by UK businesses in the US, London remains the most popular place to list globally among UK media and tech businesses, beating the US and Europe, according to research by RSM UK.   

RSM UK’s Senior Analyst for Consumer Markets, Robyn Duffy said: ‘With inflation and energy bills coming down, and the latest cost of living payments landing, consumer confidence saw a 6-point uplift to -24. However, October’s sharp drop to -30 illustrates how fragile confidence is, with this vulnerability likely to shape the final quarter of the year and beyond. 

Chancellor Jeremy Hunt started his Autumn Statement speech by saying he had more than 100 measures to incentivise and support businesses, but RSM UK says that whilst the measures announced today may provide a small boost to demand in the short term to some businesses, most won’t touch the sides this close to a general election.

As the Chancellor announces £500m investment in AI in his Autumn Statement speech, Ben Bilsland, technology and media senior analyst, RSM UK, said: ‘Many in AI will welcome the announcement of £500m investment in AI innovation centres from the UK Government, but may challenge the weight of the Government’s commitment in this key area, with over £37bn of AI risk capital investment across AI globally in 2023 alone. The way this investment is deployed may be crucial.

Chris Etherington, tax partner at RSM UK: ‘If this was meant to be an Autumn Statement of intent by the chancellor, then it may not have gone far enough.'

Paul Newman, head of leisure and hospitality at RSM UK: ‘Freezing business rates for smaller businesses and extending the current rate relief package for another year offers a lifeline for some in the hospitality industry. However, the higher-than-expected national living wage increases will see lower paid employees earn almost £2.5k more – an acute cost increase for hospitality businesses. 

Leading audit, tax and consulting firm RSM UK, alongside Adam Godden from 2525 Limited, have secured investment for Dorset-based Mar-Key Group from private equity investor Alcuin Capital Partners, to support UK growth and plans for international expansion.

Reports today suggest chancellor Jeremy Hunt is preparing to announce a new pensions ‘Pot for Life’ scheme in his Autumn Statement. This would mean workers, rather than employers, choose which pension pot they pay into, and employees carry the scheme with them if they change employers.