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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.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 forecast for this year increased from 0.6% to 1.4%, for next year revised up from 1.8% to 2.4%, and also up 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, equivalent in value to £112bn.
Export finance capacity available to support British businesses doubled to £50bn. The UK's "underlying" deficit - a measure that excludes the acquisition of the Royal Mail pension scheme and the effects of quantitative easing - has been revised down by the Office for Budget Responsibility (OBR) to 6.8% this year, and to 5.6% next year.
Boost in start-up loans scheme aiming to help 50,000 more people start their own businesses. It is then expected to fall to 4.4%, 2.7% and 1.2% in the subsequent financial years.
The UK's "underlying deficit" revised down to 6.8% this year, 5.6% next year. The OBR predicts there will be a small cash surplus in 2018-19.
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 is expected to come in 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.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.
Departmental budgets will be cut by about £1bn next year and the year after.
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.
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%, and is estimated to raise £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. Employer National Insurance contributions to be scrapped 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 to be 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 to rise to £10,000 from April 2014, and then from 2015-16 to increase by the Consumer Prices Index (CPI) measure of inflation.
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. Businesses moving into vacant properties will have their rates cut by 50%.
From April, new tax relief to be introduced for investment in social enterprises and new social impact bonds. From April, a new tax relief is 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. A boost in the government's start-up loans scheme will aim to help 50,000 more people start their own businesses.
Extra funding for science, technology and engineering courses. Export finance capacity available to support British businesses will be doubled to £50bn.
Proportion of young people from disadvantaged backgrounds applying to university rises. Petrol taxes stay frozen - planned rise of 2p per litre for next year scrapped.
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.
Petrol taxes frozen.
Regulated train fares to rise in line with inflation, not at 1% above RPI as planned.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. An extra 30,000 student places in 2014-15. The following year, cap on student numbers abolished.
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. Increased funding for science, technology and engineering courses.
The proportion of young people from disadvantaged backgrounds applying to university is up.
An additional 20,000 apprenticeships to be funded over the next two years.
All pupils at state schools in England in Reception, Year 1 and Year 2 are to get free school lunches from next September, at an estimated cost of £600m a year.
£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%.Tax allowances aiming to encourage investment in shale gas to cut tax on early profits by 50%.
More investment in quantum technology.More investment in quantum technology.
Pledge to spend 0.7% of national income on international development to be met without increase to aid budget.Pledge to spend 0.7% of national income on international development to be met without increase to aid budget.