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| Osborne: Autumn Statement cuts warnings 'hyperbolic' | Osborne: Autumn Statement cuts warnings 'hyperbolic' |
| (35 minutes later) | |
| George Osborne has dismissed "totally hyperbolic" coverage of future spending cuts following his Autumn Statement. | George Osborne has dismissed "totally hyperbolic" coverage of future spending cuts following his Autumn Statement. |
| The chancellor said arguments made against cuts in 2010 had been wrong. | The chancellor said arguments made against cuts in 2010 had been wrong. |
| Forecasters predict public spending will fall to levels not seen since the 1930s, suggesting the loss of one million public sector jobs by 2020. | |
| The statement revealed borrowing would be higher than forecast and unveiled an £800m stamp duty cut Mr Osborne said would benefit 98% of homebuyers. | The statement revealed borrowing would be higher than forecast and unveiled an £800m stamp duty cut Mr Osborne said would benefit 98% of homebuyers. |
| Labour has said the government's deficit reduction targets were "all in tatters". | Labour has said the government's deficit reduction targets were "all in tatters". |
| And Lib Dem Business Secretary Vince Cable accused the Conservatives of wanting to reduce the deficit "brutally", saying his coalition partners' plans were "simply not realisable". | And Lib Dem Business Secretary Vince Cable accused the Conservatives of wanting to reduce the deficit "brutally", saying his coalition partners' plans were "simply not realisable". |
| 'Not finished' | 'Not finished' |
| The three largest Westminster parties have been accused of being unclear about how they would reduce borrowing by closing the gap between tax revenues and spending in the next Parliament. | The three largest Westminster parties have been accused of being unclear about how they would reduce borrowing by closing the gap between tax revenues and spending in the next Parliament. |
| Asked about spending cuts to come in the next parliament, Mr Osborne told BBC Radio 4's Today programme: "I would have thought the BBC had learnt from the last four years that its totally hyperbolic coverage of spending cuts has not been matched by what's actually happened in our country." | Asked about spending cuts to come in the next parliament, Mr Osborne told BBC Radio 4's Today programme: "I would have thought the BBC had learnt from the last four years that its totally hyperbolic coverage of spending cuts has not been matched by what's actually happened in our country." |
| He added: "I had all that when you were interviewing me four years ago and has the world fallen in? No it hasn't." | He added: "I had all that when you were interviewing me four years ago and has the world fallen in? No it hasn't." |
| He acknowledged that "the job is not finished" and blamed "all sorts of economic storms" for the failure to clear the UK's budget deficit as promised. | He acknowledged that "the job is not finished" and blamed "all sorts of economic storms" for the failure to clear the UK's budget deficit as promised. |
| The Office for Budget Responsibility (OBR), in its report accompanying the chancellor's statement, said public spending would fall from £5,650 per head in 2009-10 to £3,880 in 2019-20. | The Office for Budget Responsibility (OBR), in its report accompanying the chancellor's statement, said public spending would fall from £5,650 per head in 2009-10 to £3,880 in 2019-20. |
| The BBC's head of statistics Anthony Reuben said spending on public services as a proportion of gross domestic product was projected to fall to 12.6% in 2019-20, its lowest level since the 1930s. | The BBC's head of statistics Anthony Reuben said spending on public services as a proportion of gross domestic product was projected to fall to 12.6% in 2019-20, its lowest level since the 1930s. |
| Described by OBR chairman Robert Chote as a "very sharp squeeze", some 60% of this reduction is forecast to come in the next Parliament. | Described by OBR chairman Robert Chote as a "very sharp squeeze", some 60% of this reduction is forecast to come in the next Parliament. |
| Mr Osborne accepted on Wednesday that the budget deficit - due to be more than £90bn this year - was not closing as fast as he had hoped. | Mr Osborne accepted on Wednesday that the budget deficit - due to be more than £90bn this year - was not closing as fast as he had hoped. |
| But he said it had been halved since 2010 and was still predicted to fall. | But he said it had been halved since 2010 and was still predicted to fall. |
| Shadow chancellor Ed Balls said he supported the change to stamp duty but that Labour would press ahead with the "mansion tax" on properties valued above £2m. | Shadow chancellor Ed Balls said he supported the change to stamp duty but that Labour would press ahead with the "mansion tax" on properties valued above £2m. |
| He told ITV's Good Morning Britain his party would also have to make public spending cuts if they gained power next May, but added that they would make "fairer" choices. | He told ITV's Good Morning Britain his party would also have to make public spending cuts if they gained power next May, but added that they would make "fairer" choices. |
| CBI director general John Cridland said the government would have to be "much more imaginative" about how it makes further spending cuts. | CBI director general John Cridland said the government would have to be "much more imaginative" about how it makes further spending cuts. |
| "Most of what we've done in this parliament, frankly, has been efficiency savings, cuts in head count, controls on pay," he told BBC Radio 4's Today programme. | "Most of what we've done in this parliament, frankly, has been efficiency savings, cuts in head count, controls on pay," he told BBC Radio 4's Today programme. |
| "If you're going to make the cuts we now need to make you've got to be far more lateral, you've got to re-engineer the whole model." | "If you're going to make the cuts we now need to make you've got to be far more lateral, you've got to re-engineer the whole model." |
| One "way forward" could be a reduction in the number of government departments, he suggested. | One "way forward" could be a reduction in the number of government departments, he suggested. |
| Labour's Chris Leslie said the government should be focusing on what he called the "living standards crisis". | Labour's Chris Leslie said the government should be focusing on what he called the "living standards crisis". |
| "If you have a low-productivity, low-wage economy then don't be surprised if you're not bringing in those tax receipts," said the shadow chief secretary to the Treasury. | "If you have a low-productivity, low-wage economy then don't be surprised if you're not bringing in those tax receipts," said the shadow chief secretary to the Treasury. |
| Chief Secretary to the Treasury Danny Alexander defended the government's record after Labour accusations its budget promises were "in tatters". | Chief Secretary to the Treasury Danny Alexander defended the government's record after Labour accusations its budget promises were "in tatters". |
| The Lib Dem cabinet minister said the coalition had been right not to stick to its targets after economic problems in the eurozone had affected the UK. | The Lib Dem cabinet minister said the coalition had been right not to stick to its targets after economic problems in the eurozone had affected the UK. |
| "The impact of the financial crisis on our own domestic economy also was greater than we expected," he said. | "The impact of the financial crisis on our own domestic economy also was greater than we expected," he said. |
| "And I think we made the right call, which was to say we've set out a plan and we're going to stick to it, but we're not going to chase our tails on the numbers every time the forecast changes." | "And I think we made the right call, which was to say we've set out a plan and we're going to stick to it, but we're not going to chase our tails on the numbers every time the forecast changes." |
| MPs were told on Wednesday that growth was set to be 3% this year, higher than Germany, but falling to 2.3% by 2019. | MPs were told on Wednesday that growth was set to be 3% this year, higher than Germany, but falling to 2.3% by 2019. |
| The Autumn Statement - called the pre-Budget report under the last Labour government - is a chance to set out future tax and spending plans as well as set out the state of the nation's finances. | The Autumn Statement - called the pre-Budget report under the last Labour government - is a chance to set out future tax and spending plans as well as set out the state of the nation's finances. |
| The headline-grabbing announcement on stamp duty means no tax will now be paid on the first £125,000 of a property. | The headline-grabbing announcement on stamp duty means no tax will now be paid on the first £125,000 of a property. |
| Above that level, the levy will go up in proportion to the sale price. | Above that level, the levy will go up in proportion to the sale price. |
| The Treasury said someone buying a property at the average family home price of £275,000 would save £4,500, while a £2.1m purchase would carry £18,750 more stamp duty compared with the old system. | The Treasury said someone buying a property at the average family home price of £275,000 would save £4,500, while a £2.1m purchase would carry £18,750 more stamp duty compared with the old system. |
| The OBR chairman, Mr Chote, said the reform could put up house prices in some areas, predicting they would rise where the tax had fallen, and fall where it had risen. | The OBR chairman, Mr Chote, said the reform could put up house prices in some areas, predicting they would rise where the tax had fallen, and fall where it had risen. |
| Mr Osborne said the tax cut, which is UK-wide until April when stamp duty is devolved to Scotland, was worth £800m a year. | Mr Osborne said the tax cut, which is UK-wide until April when stamp duty is devolved to Scotland, was worth £800m a year. |
| But Mark Littlewood, from the free-market Institute of Economic Affairs think tank, said most of Mr Osborne's announcements were "fiddling at the edges" and that deep cuts should follow. | But Mark Littlewood, from the free-market Institute of Economic Affairs think tank, said most of Mr Osborne's announcements were "fiddling at the edges" and that deep cuts should follow. |
| "My guess is that the chancellor is hoping that a 'steady as she goes' message will be enough to get him re-re-elected and back in Number 11 after the next election. | "My guess is that the chancellor is hoping that a 'steady as she goes' message will be enough to get him re-re-elected and back in Number 11 after the next election. |
| "But if that does happen he's going to have to take some much more radical action than he has promised [on Wednesday]." | "But if that does happen he's going to have to take some much more radical action than he has promised [on Wednesday]." |
| Has the recent stamp duty shake-up affected your property purchase? Will it invigorate the property market? You can share your experience by emailing haveyoursay@bbc.co.uk | Has the recent stamp duty shake-up affected your property purchase? Will it invigorate the property market? You can share your experience by emailing haveyoursay@bbc.co.uk |
| Have your say | Have your say |