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| Autumn Statement: George Osborne says austerity plan is working | |
| (35 minutes later) | |
| George Osborne has said the UK is growing faster than any other major economy thanks to his policies but the job of recovery was "not yet done". | |
| Delivering his Autumn Statement, he said growth forecasts for this year had more than doubled from 0.6% to 1.4%. | Delivering his Autumn Statement, he said growth forecasts for this year had more than doubled from 0.6% to 1.4%. |
| And borrowing is down "significantly more than forecast" with the country set to be back in the black by 2018/19. | And borrowing is down "significantly more than forecast" with the country set to be back in the black by 2018/19. |
| But Mr Osborne told MPs he wanted a "responsible recovery" and warned of "more difficult decisions" to come. | But Mr Osborne told MPs he wanted a "responsible recovery" and warned of "more difficult decisions" to come. |
| He told MPs "Britain's economic plan is working" but despite the better economic news "the job is not yet done". | |
| He acknowledged that the effects of the economic crash on family budgets were still being felt, but he pledged: "The hard work of the British people is paying off and we will not squander their efforts." | He acknowledged that the effects of the economic crash on family budgets were still being felt, but he pledged: "The hard work of the British people is paying off and we will not squander their efforts." |
| He confirmed that millions will have to wait longer for a state pension - so that the pension age "keeps tracks with life expectancy" and future taxpayers are spared a massive bill. | He confirmed that millions will have to wait longer for a state pension - so that the pension age "keeps tracks with life expectancy" and future taxpayers are spared a massive bill. |
| The date when the state pension age rises to 68 will be brought forward to the mid-2030s - it had not been due to kick in until 2046 - and the age could rise to 69 by the late 2040s. | The date when the state pension age rises to 68 will be brought forward to the mid-2030s - it had not been due to kick in until 2046 - and the age could rise to 69 by the late 2040s. |
| It means people now in their forties will not get the state pension until they are 68, while those in their thirties will have to wait until they are 69. | |
| There will be an extra £1bn of cuts from the budgets of government departments for each of the next three years. | There will be an extra £1bn of cuts from the budgets of government departments for each of the next three years. |
| Other key measures include: | |
| The chancellor also capped business rate increases in England and Wales to 2% next year, rather than the rate of inflation, in an effort to boost firms and High Streets. | |
| And he announced a £1,000 discount in business rates for small shops and pubs, for the next two years, and halved rates for new occupants of vacant shops. | |
| The Autumn Statement is a half-yearly update on the Budget, allowing the Chancellor to give MPs a guide to his tax and spending plans. | The Autumn Statement is a half-yearly update on the Budget, allowing the Chancellor to give MPs a guide to his tax and spending plans. |
| These plans are based on the economic projections provided by the Office for Budget Responsibility - a body set up in 2010 to provide independent economic forecasts. | |
| Labour says the government has done nothing to address the "cost of living crisis" facing many people and claims, on a new poster, that working people are on average £1,600 a year worse off since the last election. | Labour says the government has done nothing to address the "cost of living crisis" facing many people and claims, on a new poster, that working people are on average £1,600 a year worse off since the last election. |
| Shadow chief secretary to the Treasury Chris Leslie said: "What we need from the Autumn Statement is a long-term plan to tackle the cost-of-living crisis and earn our way to higher living standards for all, not just a few at the top." | Shadow chief secretary to the Treasury Chris Leslie said: "What we need from the Autumn Statement is a long-term plan to tackle the cost-of-living crisis and earn our way to higher living standards for all, not just a few at the top." |