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| Version 5 | Version 6 |
|---|---|
| Autumn Statement: At-a-glance summary of key points | Autumn Statement: At-a-glance summary of key points |
| (about 21 hours later) | |
| Chancellor George Osborne has updated MPs on the state of the economy and the government's future plans in his Autumn Statement. Here are the key points: | Chancellor George Osborne has updated MPs on the state of the economy and the government's future plans in his Autumn Statement. Here are the key points: |
FUEL | FUEL |
| The 3p-a-litre increase in fuel duty, planned for next January, is cancelled | The 3p-a-litre increase in fuel duty, planned for next January, is cancelled |
ECONOMIC GROWTH | ECONOMIC GROWTH |
| Predicted to be -0.1% in 2012, down from 0.8% predicted in the Budget | Predicted to be -0.1% in 2012, down from 0.8% predicted in the Budget |
| Forecasts for next few years are: 1.2% in 2013, 2% in 2014, 2.3% 2015, 2.7% in 2016 and 2.8% in 2017 | Forecasts for next few years are: 1.2% in 2013, 2% in 2014, 2.3% 2015, 2.7% in 2016 and 2.8% in 2017 |
BENEFITS AND PENSIONS | BENEFITS AND PENSIONS |
| Most working-age benefits to rise by 1% for each of next three years | Most working-age benefits to rise by 1% for each of next three years |
| From 2014-15 lifetime pension relief allowance to fall from £1.5m to £1.25m - annual allowance cut from £50,000 to £40,000 | From 2014-15 lifetime pension relief allowance to fall from £1.5m to £1.25m - annual allowance cut from £50,000 to £40,000 |
| Basic state pension to rise by 2.5% next year to £110.15 a week | Basic state pension to rise by 2.5% next year to £110.15 a week |
| Child benefit to rise by 1% for two years from April 2014 | Child benefit to rise by 1% for two years from April 2014 |
| Local housing allowance rates to rise in line with existing policy next April but increases in the following two years capped at 1% | Local housing allowance rates to rise in line with existing policy next April but increases in the following two years capped at 1% |
| Changes to welfare to save £3.7bn by 2015/16 | Changes to welfare to save £3.7bn by 2015/16 |
TAXES AND ALLOWANCES | TAXES AND ALLOWANCES |
| Basic income tax threshold to be raised by £235 more than previously announced next year, to £9,440 | Basic income tax threshold to be raised by £235 more than previously announced next year, to £9,440 |
| Threshold for 40% rate of income tax to rise by 1% in 2014 and 2015, from £41,450 to £41,865 and then £42,285 | Threshold for 40% rate of income tax to rise by 1% in 2014 and 2015, from £41,450 to £41,865 and then £42,285 |
| Main rate of corporation tax to be cut by extra 1% to 21% from April 2014 | Main rate of corporation tax to be cut by extra 1% to 21% from April 2014 |
| Temporary doubling of small business rate relief scheme to be extended by further year to April 2014 | Temporary doubling of small business rate relief scheme to be extended by further year to April 2014 |
| Inheritance tax threshold to be increased by 1% next year | Inheritance tax threshold to be increased by 1% next year |
| Bank levy rate to be increased to 0.130% next year. | Bank levy rate to be increased to 0.130% next year. |
| £5bn over six years expected from treaty with Switzerland to deal with undisclosed bank accounts | £5bn over six years expected from treaty with Switzerland to deal with undisclosed bank accounts |
| HM Revenue and Customs budget will not be cut | HM Revenue and Customs budget will not be cut |
| ISA contribution limit to be raised to £11,520 from next April | ISA contribution limit to be raised to £11,520 from next April |
| Prosecutions for tax evasions up 80% - with anti-abuse rule to come in next year | Prosecutions for tax evasions up 80% - with anti-abuse rule to come in next year |
| No new tax on property value | No new tax on property value |
| No net rise in taxes in Autumn Statement | No net rise in taxes in Autumn Statement |
GOVERNMENT BORROWING | GOVERNMENT BORROWING |
| Point at which debt predicted to begin falling delayed by a year to 2016/17 | Point at which debt predicted to begin falling delayed by a year to 2016/17 |
| Deficit fallen by a quarter in last two years | |
| Deficit forecast to fall this year, as is cash borrowing | Deficit forecast to fall this year, as is cash borrowing |
| Deficit to fall from 7.9% to 6.9% of GDP this year, and to continue falling to 1.6% by 2017/18 | Deficit to fall from 7.9% to 6.9% of GDP this year, and to continue falling to 1.6% by 2017/18 |
| Borrowing forecast to fall from £108bn this year to £31bn in 2017/18 | Borrowing forecast to fall from £108bn this year to £31bn in 2017/18 |
| £33bn saving to be made on interest debt payment predicted two years ago | £33bn saving to be made on interest debt payment predicted two years ago |
| Bradford and Bingley and Northern Rock Asset Management brought on to balance sheet, adding £70bn to national debt | Bradford and Bingley and Northern Rock Asset Management brought on to balance sheet, adding £70bn to national debt |
GOVERNMENT SPENDING | GOVERNMENT SPENDING |
| Period of austerity to be extended by another year to 2017/18 | Period of austerity to be extended by another year to 2017/18 |
| Departments to reduce spending by 1% next year and 2% year after | Departments to reduce spending by 1% next year and 2% year after |
| Local government budgets to be cut by 2% in 2014 | Local government budgets to be cut by 2% in 2014 |
| Government spending as share of GDP predicted to fall from 48% in 2009/10 to 39.5% in 2017/18 | Government spending as share of GDP predicted to fall from 48% in 2009/10 to 39.5% in 2017/18 |
| Spending review to take place in first half of next year | Spending review to take place in first half of next year |
JOBS AND TRAINING | JOBS AND TRAINING |
| Unemployment expected to peak at 8.3%, lower than the previous prediction of 8.7% | Unemployment expected to peak at 8.3%, lower than the previous prediction of 8.7% |
| Employment set to rise in each year of the parliament | Employment set to rise in each year of the parliament |
| Since general election, 1.2 million jobs created in the private sector | Since general election, 1.2 million jobs created in the private sector |
TRANSPORT | TRANSPORT |
| Extra £1bn to roads, including upgrading A1, A30, and M25 | Extra £1bn to roads, including upgrading A1, A30, and M25 |
| £1bn loan to extend London's Northern Line to Battersea | £1bn loan to extend London's Northern Line to Battersea |
EDUCATION AND FAMILIES | EDUCATION AND FAMILIES |
| £1bn to improve good schools and build 100 new free schools and academies | £1bn to improve good schools and build 100 new free schools and academies |
| £270m for further education colleges | £270m for further education colleges |
| Teachers' pay to be linked to performance | Teachers' pay to be linked to performance |
INFRASTRUCTURE | INFRASTRUCTURE |
| Ultra-fast broadband expansion in 12 cities: Brighton and Hove, Cambridge, Coventry, Derby, Oxford, Portsmouth, Salford, York, Newport, Aberdeen, Perth and Derry-Londonderry | Ultra-fast broadband expansion in 12 cities: Brighton and Hove, Cambridge, Coventry, Derby, Oxford, Portsmouth, Salford, York, Newport, Aberdeen, Perth and Derry-Londonderry |
| £600m for scientific research | £600m for scientific research |
| Annual infrastructure investment now £33bn | Annual infrastructure investment now £33bn |
| £1bn extra capital for Business Bank | £1bn extra capital for Business Bank |
| Gas Strategy to include consultation on incentives for shale gas | Gas Strategy to include consultation on incentives for shale gas |
HOUSING | HOUSING |
| Funding to assist building of up to 120,000 homes | Funding to assist building of up to 120,000 homes |
OVERSEAS AID | OVERSEAS AID |
| Promise to spend 0.7% on development to be honoured next year, but not exceeded | Promise to spend 0.7% on development to be honoured next year, but not exceeded |