This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-politics-30307528
The article has changed 8 times. There is an RSS feed of changes available.
| Version 6 | Version 7 |
|---|---|
| Key points of 2014 Autumn Statement: At-a-glance | Key points of 2014 Autumn Statement: At-a-glance |
| (35 minutes later) | |
| Chancellor George Osborne has updated MPs about the state of the economy in his last Autumn Statement before the general election. Here are the main points in his 50-minute speech: | Chancellor George Osborne has updated MPs about the state of the economy in his last Autumn Statement before the general election. Here are the main points in his 50-minute speech: |
| 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 |
| Stamp duty | Stamp duty |
| Reform of residential property stamp duty so that rates apply only to that part of the property price that falls within each band | Reform of residential property stamp duty so that rates apply only to that part of the property price that falls within each band |
| 0% paid for the first £125,000 then 2% on the portion up to £250,000 | 0% paid for the 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 | 5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on average priced home |
| Changes to come into effect at midnight on Thursday, 4 December | Changes to come into effect at midnight on Thursday, 4 December |
| 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 in 2013-14 to £91.3bn in 2014-15. | Borrowing set to fall from £97.5bn in 2013-14 to £91.3bn in 2014-15. |
| Deficit projected to fall to £75.9bn in 2015-6, £40.9bn in 2016-7, £14.5bn in 2017-8 before reaching a £4bn surplus in 2018-9 | Deficit projected to fall to £75.9bn in 2015-6, £40.9bn in 2016-7, £14.5bn in 2017-8 before reaching a £4bn surplus in 2018-9 |
| 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 to rise from 80.4% this year to 81.1% next year before falling in every year. reaching 72.8% in 2019-20 | Debt as a share of GDP to rise from 80.4% this year to 81.1% next year before falling in every year. reaching 72.8% in 2019-20 |
| World War One debt to be repaid | World War One debt to be repaid |
| Tax receipts up to 2017-18 to be £23bn lower than forecast | |
| Energy and fuel | Energy and fuel |
| Fuel duty to be frozen | Fuel duty to be frozen |
| Sovereign wealth fund for north of England to keep benefits of shale gas exploration | Sovereign wealth fund for north of England to keep benefits of shale gas exploration |
| Immediate reduction in oil industry supplementary charge from 32% to 30% | Immediate reduction in oil industry supplementary charge from 32% to 30% |
| Savings and pensions | Savings and pensions |
| Spouses will be able to inherit their partners' ISAs tax free upon their death | Spouses will be able to inherit their partners' ISAs tax free upon their death |
| ISA threshold increases from £15,000 to £15,240 next April | ISA threshold increases from £15,000 to £15,240 next April |
| Tax free annuities for dependents of people who die under 75 | Tax free annuities for dependents of people who die under 75 |
| Commitment to complete public service pension reforms, saving £1.3bn a year | Commitment to complete public service pension reforms, saving £1.3bn a year |
| Personal and business taxation | Personal and business taxation |
| Air Passenger Duty to be scrapped for under-12s from 1 May next year and for under-16s the following year | Air Passenger Duty to be scrapped for under-12s from 1 May next year and for under-16s the following year |
| Personal tax allowance to increase to £10,600 next April | Personal tax allowance to increase to £10,600 next April |
| Inheritance tax to be cut for families of aid workers who die in course of their work | Inheritance tax to be cut for families of aid workers who die in course of their work |
| 55% death tax passed on to loved ones abolished | 55% death tax passed on to loved ones abolished |
| Libor fines to support Gurkhas and other service veterans and their families | Libor fines to support Gurkhas and other service veterans and their families |
| Higher rate income tax threshold to rise to £42,385 next year | Higher rate income tax threshold to rise to £42,385 next year |
| 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 | 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% | 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 | New £90,000 charge for non-doms resident in the UK for 17 of the past 20 years |
| Inflation-linked increase in business rates capped at 2% | Inflation-linked increase in business rates capped at 2% |
| 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 | 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 |
| £10,000 loans for postgraduate students studying for masters degrees | £10,000 loans for postgraduate students studying for masters degrees |
| Employment Allowance worth £2,000 extended to carers | |
| Business and science | Business and science |
| Business rates to be reviewed | Business rates to be reviewed |
| Theatre tax break extended to orchestras and new tax credit for children's TV producers | Theatre tax break extended to orchestras and new tax credit for children's TV producers |
| Research and development tax credit increased for small and medium-sized (SMEs) firms | Research and development tax credit increased for small and medium-sized (SMEs) firms |
| Support extended to small businesses with £500m of bank lending plus £400m government-backed venture capital funds which invest in SMEs | Support extended to small businesses with £500m of bank lending plus £400m government-backed venture capital funds which invest in SMEs |
| £45m package of support for exporters | £45m package of support for exporters |
| Expand tax relief on business investment in flood defences | Expand tax relief on business investment in flood defences |
| Britain awarded the lead role in the international effort to explore Mars | Britain awarded the lead role in the international effort to explore Mars |
| National Insurance on young apprentices abolished | |
| Scotland, Wales and Northern Ireland | Scotland, Wales and Northern Ireland |
| Agreement reached on full devolution of business rates to Welsh Government | Agreement reached on full devolution of business rates to Welsh Government |
| Corporation tax devolved to Northern Ireland if the Stormont executive can manage the "financial implications" | Corporation tax devolved to Northern Ireland if the Stormont executive can manage the "financial implications" |
| Income tax to be devolved in full to Scottish Parliament | |
| Housing/infrastructure/transport/culture | Housing/infrastructure/transport/culture |
| £2bn for flood defence schemes in England | £2bn for flood defence schemes in England |
| Tendering for Northern Rail and Trans-Pennine Express franchises to replace pacer carriages with modern trains | Tendering for Northern Rail and Trans-Pennine Express franchises to replace pacer carriages with modern trains |
| A £78m theatre and arts venue is to be built on the former site of Granada's TV studios in Manchester | |
| £15bn for 84 roads projects in England by 2021 |