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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 has been updating MPs on the state of the economy and the government's future plans in his Autumn Statement. The key points are outlined below. | |
| 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%. | 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 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. | 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. |
| Export finance capacity available to support British businesses doubled to £50bn. | Export finance capacity available to support British businesses doubled to £50bn. |
| Boost in start-up loans scheme aiming to help 50,000 more people start their own businesses. | Boost in start-up loans scheme aiming to help 50,000 more people start their own businesses. |
| The UK's "underlying deficit" revised down to 6.8% this year, 5.6% next year. | The UK's "underlying deficit" revised down to 6.8% this year, 5.6% next year. |
| 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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 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. | 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. |
| Employer National Insurance contributions to be removed on 1.5 million jobs for young people. | |
| Stamp duty on shares purchased in exchange traded funds abolished. | 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. | 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. |
| From April, new tax relief to be introduced for investment in social enterprises and new social impact bonds. | |
| 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. |
| Unemployment expected to fall further to 5.6% by 2018. | 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. | 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. | 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. | Extra funding for science, technology and engineering courses. |
| Proportion of young people from disadvantaged backgrounds applying to university rises. | Proportion of young people from disadvantaged backgrounds applying to university rises. |
| An additional 20,000 apprenticeships over the next two years. | 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. |
| Petrol taxes frozen. | |
| Regulated train fares to rise in line with inflation, not at 1% above RPI as planned. | |
| 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. | £1bn in loans to boost housing developments in Manchester and Leeds, among other sites. |
| The Housing Revenue Account borrowing limit to rise by £300m. | 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. | Councils to sell off the most expensive social housing and rundown urban housing estates to be regenerated. |
| Tax allowances aiming to encourage investment in shale gas to cut tax on early profits by 50%. | |
| More investment in quantum technology. | |
| Pledge to spend 0.7% of national income on international development to be met without increase to aid budget. |