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| Version 1 | Version 2 |
|---|---|
| Key points of 2014 Autumn Statement: At-a-glance | Key points of 2014 Autumn Statement: At-a-glance |
| (34 minutes later) | |
| Chancellor George Osborne is giving details to Parliament about the state of the economy in his last Autumn Statement before the general election. | Chancellor George Osborne is giving details to Parliament about the state of the economy in his last Autumn Statement before the general election. |
| Here is a list of the main points, updated as the chancellor speaks. | Here is a list of the main points, updated as the chancellor speaks. |
| State of the economy | State of the economy |
| UK fastest growing economy in the G7 | UK fastest growing economy in the G7 |
| 3% growth forecast in 2014, up from 2.7% predicted in March | 3% growth forecast in 2014, up from 2.7% predicted in March |
| 2.4% growth forecast in 2015, followed by 2.2%, 2.4%, 2.3% and 2.3% in the following four years | 2.4% growth forecast in 2015, followed by 2.2%, 2.4%, 2.3% and 2.3% in the following four years |
| 500,000 new jobs created this year. 85% of new jobs full-time | 500,000 new jobs created this year. 85% of new jobs full-time |
| Unemployment set to fall to 5.4% in 2015 | Unemployment set to fall to 5.4% in 2015 |
| Inflation predicted to be 1.5% in 2014, falling to 1.2% in 2015 | Inflation predicted to be 1.5% in 2014, falling to 1.2% in 2015 |
| Public borrowing/deficit | Public borrowing/deficit |
| Deficit 'cut in half' since 2010 | Deficit 'cut in half' since 2010 |
| Borrowing set to fall from £97.5bn 2013-14 to £91.3bn in 2014-15. | Borrowing set to fall from £97.5bn 2013-14 to £91.3bn in 2014-15. |
| Deficit projected to fall to £75.9bn in 2015, £40.9bn in 2016, £14.5bn in 2017 before reaching a £4bn surplus in 2018 | Deficit projected to fall to £75.9bn in 2015, £40.9bn in 2016, £14.5bn in 2017 before reaching a £4bn surplus in 2018 |
| By 2019-20 Britain will have a surplus of £23bn | By 2019-20 Britain will have a surplus of £23bn |
| Debt as a share of GDP falling in every year until forecast to be 72.8% in 2019-20 | Debt as a share of GDP falling in every year until forecast to be 72.8% in 2019-20 |
| Tax receipts forecast to be £23bn lower in 2014-5 than predicted | Tax receipts forecast to be £23bn lower in 2014-5 than predicted |
| World War One debt to be repaid | |
| Stamp duty | |
| Reform of residential property stamp duty so that rates fall only to that part of the property price that falls within each band | |
| 0% in first £125,000 then 2% on the portion up to £250,000 | |
| 5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on average priced home | |
| Energy and fuel | Energy and fuel |
| Fuel duty to be frozen | |
| Sovereign wealth fund for north of England to keep benefits of shale gas exploration | |
| Savings | Savings |
| ISAs to be transferrable to partners tax free | |
| ISA threshold increases from £15,000 to £15,240 next April | |
| Personal and business taxation | |
| 55% death tax passed on to loved ones abolished | |
| Personal tax allowance to increase to £10,600 next April | |
| Air Passenger Duty to be scrapped for under-12s from 1 May next year and for under-16s the following year | |
| World War One debt to be repaid | World War One debt to be repaid |
| Inheritance tax to be cut for families of aid workers who die in course of duty | Inheritance tax to be cut for families of aid workers who die in course of duty |
| Libor fines to support Gurkhas and their families | |
| VAT paid by hospices and search and rescue organisations to be refunded | VAT paid by hospices and search and rescue organisations to be refunded |
| Introduce 25% tax on profits generated by multi-nationals that are shifted out of the UK, set to raise £1bn over five years | |
| Bank profits which can be offset by losses for tax purposes to be limited to 50% | |
| New £90,000 charge for non-doms resident in the UK for 17 of the past 20 years. | |
| Welfare | Welfare |
| Welfare spending to be £1bn lower than forecast in March | Welfare spending to be £1bn lower than forecast in March |
| Two year freeze in working-age benefits (first announced in October) | Two year freeze in working-age benefits (first announced in October) |
| Migrants to lose unemployment benefits if they have "no prospect" of work after six weeks | |
| Health and education | Health and education |
| £2bn extra every year until 2020 for the NHS | £2bn extra every year until 2020 for the NHS |
| GP services to get £1.2bn in extra funds from bank foreign exchange manipulation fines | GP services to get £1.2bn in extra funds from bank foreign exchange manipulation fines |
| Employment Allowance extended to carers | Employment Allowance extended to carers |
| £10,000 loans for postgraduate students studying for masters degrees | |
| Business | Business |
| Business rates to be reviewed | |
| Theatre tax break extended to orchestras | |
| Research and development tax credit increased for small and medium-sized firms | |
| New tax credit for children's TV producers | |
| £45m package of support for exporters | £45m package of support for exporters |
| Expand tax relief on business investment in flood defences | |
| Old pacer carriages on Northern Rail and the Trans-Pennine Express replaced with new and modern trains | |
| National Insurance on young apprentices abolished | |
| Housing/infrastructure | Housing/infrastructure |
| £1.5bn for 84 roads projects in England | |
| £2bn for flood defence schemes |