Measures in the Bill back British business by cutting and simplifying tax to help them invest for less, making full expensing permanent – an effective £11bn a year corporate tax cut.

It also simplifies R&D and extends the Enterprise Investment Scheme and Venture Capital Trust schemes by an extra 10 years each to 2035, ensuring younger companies can attract finance.

The majority of tax changes in the Bill will take effect from April 2024.

The cuts to National Insurance, which will take effect on 6 January 2024 for employees and 6 April for self-employed people, is being legislated through a separate Bill to the Autumn Finance Bill 2023.