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Autumn Statement: At-a-glance summary of key points Autumn Statement: At-a-glance summary of key points
(35 minutes later)
Chancellor George Osborne is updating MPs on the state of the economy and the government's future plans in his Autumn Statement. The key points, based on what we already knew from briefings, are being added below as the chancellor speaks.Chancellor George Osborne is updating MPs on the state of the economy and the government's future plans in his Autumn Statement. The key points, based on what we already knew from briefings, are being added below as the chancellor speaks.
Growth forecasts for this year more than doubled from 0.6% to 1.4%. Growth forecasts for this year more than doubled from 0.6% to 1.4%, for next year revised up from 1.8% to 2.4%, and for the following four years to 2.2%, 2.6%, 2.7% and 2.7%.
Revised ONS figures show that GDP declined by 7.2% in 2008-09, not 6.3% as previously thought. Revised figures from the Office for National Statistics show that GDP declined by 7.2% in 2008-09, not 6.3% as previously thought, wiping £112bn off the UK's economy.
The UK's "underlying deficit" revised down to 6.8% this year, 5.6% next year. The OBR predicts that the UK will be running a small surplus by 2018-19.
Export finance capacity available to support British businesses doubled to £50bn.Export finance capacity available to support British businesses doubled to £50bn.
The BBC understands that increases in business rates in England and Wales will be capped at 2% rather than linked to RPI inflation. Boost in start-up loans scheme aiming to help 50,000 more people start their own businesses.
More people will have to work until they are 68 before being entitled to a state pension. The UK's "underlying deficit" revised down to 6.8% this year, 5.6% next year.
In April 2014 there will be a rise of 2.7% in the state pension. Borrowing at £111bn for this year, falling in 2014-15 to £96bn, then down to £79bn in 2015-16, £51bn the year after and £23bn the year after that.
In 2018-19, the Office for Budget Responsibility predicts small cash surplus.
Public debt this year due to total 75.5% of GDP - £18bn lower than forecast in March - rising to 78.3% next year, before peaking at 80% the next year.
By 2017-18, debt is expected to be more than £80bn lower than forecast in March.
State pension age to increase to 68 in the mid-2030s and to 69 in the late 2040s. In April 2014, the state pension will rise by £2.95 a week.
Overall welfare spending to be capped.
Anyone aged 18 to 21 claiming benefits without basic English or Maths will be required to undertake training from day one or lose their entitlement. People unemployed for more than six months to be forced to start a traineeship, take work experience or do a community work placement or lose benefits.
The chancellor announced in the Autumn Statement of 2012 that a series of working-age benefits and tax credits would rise by only 1% a year for three years.The chancellor announced in the Autumn Statement of 2012 that a series of working-age benefits and tax credits would rise by only 1% a year for three years.
From April 2015, capital gains tax will be imposed on future gains made by non-residents who sell residential property in the UK.
From 1 January 2014, the rate of the bank levy will rise to 0.156%, raising £2.7bn in 2014-15 and £2.9bn each year from 2015-16.
Stamp duty on shares purchased in exchange traded funds abolished.
The personal income tax allowance will rise to £10,000 from April 2014. It will then increase by the Consumer Prices Index (CPI) measure of inflation in future years, starting from 2015-16.The personal income tax allowance will rise to £10,000 from April 2014. It will then increase by the Consumer Prices Index (CPI) measure of inflation in future years, starting from 2015-16.
A married couples and civil partners tax break, which is set to cost about £700m a year, is proposed to start in April 2015.A married couples and civil partners tax break, which is set to cost about £700m a year, is proposed to start in April 2015.
Business rates in England and Wales to be capped at 2% rather than linked to RPI inflation, with some retail premises in England to get a discount on their business rates.
The chancellor has previously announced that the maximum allowance that could be saved in a tax-free Individual Savings Account (Isa) would rise with inflation from the current £11,520 to £11,880 in April 2014, although this will need to be confirmed by the chancellor, as he could increase the level further.The chancellor has previously announced that the maximum allowance that could be saved in a tax-free Individual Savings Account (Isa) would rise with inflation from the current £11,520 to £11,880 in April 2014, although this will need to be confirmed by the chancellor, as he could increase the level further.
Unemployment benefits claimants down 200,000, with forecasts for unemployment down from 7.6% this year to 7% in 2015.Unemployment benefits claimants down 200,000, with forecasts for unemployment down from 7.6% this year to 7% in 2015.
3.1 million jobs predicted to be created by 2019. Unemployment expected to fall further to 5.6% by 2018.
Total number of jobs to rise by 400,000 this year and 3.1 million jobs predicted to be created by 2019.
An extra 30,000 student places in 2014-15. The following year, cap on student numbers abolished.
Extra funding for science, technology and engineering courses.
Proportion of young people from disadvantaged backgrounds applying to university rises.
An additional 20,000 apprenticeships over the next two years.
All infant pupils at state schools in England are to get free school lunches from next September, in a measure costing about £600m a year.All infant pupils at state schools in England are to get free school lunches from next September, in a measure costing about £600m a year.
The tax disc to show motorists have paid vehicle excise duty is to be replaced with an electronic system.The tax disc to show motorists have paid vehicle excise duty is to be replaced with an electronic system.
The chancellor cancelled a fuel duty increase planned for this autumn.The chancellor cancelled a fuel duty increase planned for this autumn.
The government has outlined plans to change some of the green levies included in energy bills in order to reduce the pain of price rises.The government has outlined plans to change some of the green levies included in energy bills in order to reduce the pain of price rises.
£1bn in loans to boost housing developments in Manchester and Leeds, among other sites.
The Housing Revenue Account borrowing limit to rise by £300m.
Councils to sell off the most expensive social housing and rundown urban housing estates to be regenerated.