Key points: Spending Review and Autumn Statement at-a-glance
Key points: Spending Review and Autumn Statement at-a-glance
(35 minutes later)
Chancellor George Osborne has set out the state of the economy in the Autumn Statement and spending plans for the next four years in the Spending Review. Here are the main points:
Chancellor George Osborne has set out the state of the economy in the Autumn Statement and spending plans for the next four years in the Spending Review. Here are the main points:
Spending Review headlines
Spending Review headlines
Planned £4.4bn in tax credit cuts to be abandoned, with taper and threshold rates for working tax credits and child tax credits remaining the same
As a result, government to breach overall welfare cap in first years of Parliament
Total spending to rise from £756bn this year to £821bn by 2019-20
State spending to hit 36.5%, as a share of total output, in five years - down from 45% in 2010.
Day-to-day departmental spending to fall by 0.8% each year by 2020, lower than during the 2010-15 Parliament
Day-to-day spending on transport, environment and energy to fall by 37%, 15% and 22% respectively
Overseas aid budget to increase to £16.3bn by 2020 while Foreign Office budget protected in real terms
Defence budget to rise from £34bn to £40bn by 2020, with extra cash for the security services
Police, security and justice
Police, security and justice
No real-terms cuts in police budgets in England
Forces expected to make efficiency savings by sharing resources
Holloway women's prison in London to close as part of modernisation of estate, including nine new prisons
Underused courts to be sold off, raising £700m for new technology
Welfare and tax credits
Welfare and tax credits
£12bn in targeted welfare savings to be delivered in full
Housing benefit for new social tenants to be capped at same level as private sector
Housing benefit and pension credit payments to be stopped for people who leave the country for more than one month
Department of Work and Pensions budget to be cut by 14%
Job centres to be co-located in council buildings
Conditions for benefits to be extended to more than one million more claimants
Health
Health
NHS budget, currently £101bn, to rise to £120bn by 2020-21
The health service to get upfront cash injection of £6bn next year
NHS in England expected to make £22bn in efficiency savings
An extra £600m earmarked for mental health services
Grants for student nurses to be scrapped and replaced by loans
Cap on training places for nurses scrapped, with goal of increasing numbers by 10,000
New social care "precept" in council tax of up to 2% to allow local councils to raise £2bn for social care
Better Care Social Fund to be increased by 1.9%
£15m raised from charging VAT on sanitary products to be given to women's health charities
Education
Education
Schools budget in England protected in real terms
School funding formula to be phased out
New 30-hour free childcare subsidy for parents of three- and four-year-olds to be limited to those working more than 16 hours a week
Funding for Further Education colleges to be "protected in cash terms"
Housing and local government
Housing and local government
New 3% surcharge on stamp duty for buy-to-let properties and second homes from April 2016, raising about £1bn
Business, science, energy the environment
Restrictions on shared ownership to be removed and planning system reformed to deliver more homes
London Help to Buy scheme to offer interest-free loan worth up to 40% of the value of a newly built home
Local government to keep revenue from business rates by the end of the Parliament
Councils to receive an additional £10m to help homeless people
Local government spending, in cash terms, to be same in 2020 as 2015
Business, science and the environment
Extra £200m funding for flood defence
Business department funding to be cut by 17%
26 new enterprise zones to be created
Uniform business rates to be abolished, with elected mayors allowed to raise rates under certain conditions
Science budget to rise in real terms to £4.7bn
Apprenticeship levy set at 0.5% of employer wage bill, with £15,000 allowance for all firms taking part
Pensions, savings and personal taxation
Pensions, savings and personal taxation
State pension to rise by £3.35 a week to £119.30 next year
Savings credit to be frozen at current level
Every individual and small business to have their own digital tax account by the end of the decade
Infrastructure, transport and culture
Infrastructure, transport and culture
Capital funding of transport projects to rise by 50%
State of the economy and borrowing
£250m support for motorways in Kent to relieve pressure caused by Operation Stack
Culture department to see funding cut by 20%
Extra cash for Arts Council and UK Sport
Free museum entry to be maintained
State of the economy
Growth of 2.4% forecast for 2015, unchanged from June
Growth in subsequent years forecast to be 2.4%, 2.5%, 2.4% and 2.3%
UK is fastest-growing economy, alongside US, since 2010
Public borrowing/deficit
Budget surplus of £10.1bn to be delivered on schedule by 2019-20
Borrowing to total £73.5bn this year, falling to £49.9bn, £24.8bn and £4.6bn in subsequent years
Debt to be lower in 2015-16 than 2014-15 and to fall every year after that
Presented by Chancellor George Osborne, the Spending Review sets out what government spending will be over the next four years, while the Autumn Statement is an annual update of government plans for the economy.
Presented by Chancellor George Osborne, the Spending Review sets out what government spending will be over the next four years, while the Autumn Statement is an annual update of government plans for the economy.
Explained: Which government departments will be affected?
Explained: Which government departments will be affected?
Analysis: From BBC political editor Laura Kuenssberg
Analysis: From BBC political editor Laura Kuenssberg
Special report: Full in-depth coverage of the Spending Review and Autumn Statement
Special report: Full in-depth coverage of the Spending Review and Autumn Statement
Watch: The BBC's coverage is on BBC Two and the BBC News Channel and also on BBC Radio 5 live
