UK chancellor Jeremy Hunt is reportedly set to reveal a £9bn-a-year tax break for business later today (22 November) in his Autumn Statement.

The Financial Times said the permanent tax break was an attempt to "jolt" the "sluggish" UK economy back into life.

It added that in the face of forecasts which predict a flatlining economy in 2024 Hunt was also likely to cut National Insurance, announce supply-side reforms and measures to get more people back into work.

Autumn Statement 23 preview: What should investors expect?

 The FT said his flagship reform to boost the country's growth rate would be the permanent extension of "full expensing". 

It explained the scheme was due to expire in 2026 but would now remain in operation. It allows a company to immediately deduct all of its spending on IT equipment or machinery from taxable profits.

The report said extending it was "a crucial demand of business groups". Government insiders told the paper the move was the biggest tax cut for business "in modern history".