Autumn Statement 2013: At a glance

 

The main points of the Chancellor's Autumn Statement:

Economy

* The Office for Budget Responsibility (OBR) forecast for growth in 2013 has been upgraded from 0.6% to 1.4%, for 2014 it is upgraded from 1.8% to 2.4%.

* The OBR forecast of growth for the four years from 2015 has been forecast at 2.2%, 2.6%, 2.7% and 2.7%.

* Employment will rise by 400,000 in 2013, says the OBR. Unemployment forecast to fall from 7.6% this year to 7% in 2015, and 5.6% by 2018.

* Public sector net borrowing is forecast to be 5.6% in 2014, then 4.4%, 2.7% and 1.2% in subsequent years, with a small surplus by 2018/19.

* The Government will borrow £111 billion this year - £9 billion less than predicted in March. Borrowing to fall to £96 billion next year, then £79 billion, £51 billion and £23 billion in following years.

* Debt is forecast at 75.5% of GDP this year, rising to 78.3% next year, and 80% in 2015, before falling to 79.9% in 2016, then 78.4% and 75.9% in following years.

Tax

* New package of measures to tackle tax avoidance, evasion, fraud and error expected to raise more than £9 billion over next five years.

* Capital gains tax will be imposed on foreigners who sell residential property in the UK from April 2015.

* New £1,000 transferable tax allowance for married couples from April 2015

* Rolling back green levies will take an average £50 off energy bills.

* Petrol tax rise of 2p a litre planned for 2014 is cancelled.

* Employer national insurance contributions for workers aged under 21 to be removed.

Investment

* Financial resources provided to fund expansion of free school meals to all school children in reception, year one and year two.

* New priority right to move for social tenants who need to relocate for a job.

* New loans worth £1 billion to unblock housing developments including in Manchester and Leeds.

* Plans to increase train fares by 1% above inflation from January cancelled

Pensions

* New principle that people should spend one third of adult life in retirement implies increase in state pension age to 68 in mid 2030s and 69 in late 2040s.

* State pension to rise by £2.95 a week from next April, leaving pensioners £800 a year better off from Government measures since 2010.

* Pensioners offered opportunity to make voluntary national insurance contributions to boost retirement income.

Employment and growth

* Job seekers aged 18 to 21 without basic maths or English will be required to undertake training or lose benefits.

* Funding for Jobcentres to support 16 and 17 year olds in finding apprenticeship or traineeships

*HM Revenue and Customs will fund employers directly for apprenticeships with an extra 20,000 higher apprenticeships over next two years.

*An additional 30,000 student places will be offered next year, with the cap on student numbers abolished in 2015.

Business

* Export finance capacity for UK businesses will be doubled to £50 billion.

* The small business rate relief scheme will be extended for one year from April 2014. Inflation increase in business rates will be capped at 2% from April 2014.

* New reoccupation relief will encourage the use of vacant town centre shops, halving rates for new occupants. There will be a discount on business rates worth £1,000 to every retail premises in England with rateable value up to £50,000.

Additional reporting PA

Sport
footballLIVE City face Stoke, while Warnock returns to Palace dugout
Life and Style
3D printed bump keys can access almost any lock
gadgets + techSoftware needs photo of lock and not much more
News
Paul McCartney backs the
people
News
i100
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebooksAn evocation of the conflict through the eyes of those who lived through it
Arts and Entertainment
Inside the gallery at Frederick Bremer School in Walthamstow
tvSimon Usborne goes behind the scenes to watch the latest series
Life and Style
Silvia says of her famous creation: 'I never stopped wearing it. Because I like to wear things when they are off the radar'
fashionThe fashion house celebrated fifteen years of the punchy pouch with a weighty tome
Arts and Entertainment
Gregg Wallace in Summer's Supermarket Secrets
tv All of this year's 15 contestants have now been named
News
i100Steve Carell selling chicken, Tina Fey selling saving accounts and Steve Colbert selling, um...
Life and Style
A picture taken on January 12, 2011 shows sex shops at the Paris district of Pigalle.
newsThe industry's trade body issued the moratorium on Friday
Arts and Entertainment
Could we see Iain back in the Bake Off tent next week?
tv Contestant teased Newsnight viewers on potential reappearance
News
i100
News
The slice of Prince Charles and Princess Diana's wedding cake and the original box from 29 July 1981
newsPiece of Charles and Diana's wedding cake sold at auction in US
Voices
The Ukip leader has consistently refused to be drawn on where he would mount an attempt to secure a parliamentary seat
voicesNigel Farage: Those who predicted we would lose momentum heading into the 2015 election are going to have to think again
Arts and Entertainment
Cara Delevingne made her acting debut in Anna Karenina in 2012
film Cara Delevingne 'in talks' to star in Zoolander sequel
Sport
Mario Balotelli pictured in his Liverpool shirt for the first time
football
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

C# .NET Web Developer (ASP.NET, JavaScript, jQuery, XML, XLST)

£40000 - £50000 per annum + Benefits + Bonus: Harrington Starr: C# .NET Web De...

Clinical Negligence Solicitor

Highly Competitive Salary: Austen Lloyd: HAMPSHIRE MARKET TOWN - A highly attr...

Network Engineer (CCNP, CCNA, Linux, OSPF, BGP, Multicast, WAN)

£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...

Commercial Property Solicitor - Bristol

Highly Attractive Package: Austen Lloyd: A VERY HIGH QUALITY FIRM A high qual...

Day In a Page

Ukraine crisis: The phoney war is over as Russian troops and armour pour across the border

The phoney war is over

Russian troops and armour pour into Ukraine
Potatoes could be off the menu as crop pests threaten UK

Potatoes could be off the menu as crop pests threaten UK

The world’s entire food system is under attack - and Britain is most at risk, according to a new study
Gangnam smile: why the Chinese are flocking to South Korea to buy a new face

Gangnam smile: why the Chinese are flocking to South Korea to buy a new face

Seoul's plastic surgery industry is booming thanks to the popularity of the K-Pop look
From Mozart to Orson Welles: Creative geniuses who peaked too soon

Creative geniuses who peaked too soon

After the death of Sandy Wilson, 90, who wrote his only hit musical in his twenties, John Walsh wonders what it's like to peak too soon and go on to live a life more ordinary
Caught in the crossfire of a cyber Cold War

Caught in the crossfire of a cyber Cold War

Fears are mounting that Vladimir Putin has instructed hackers to target banks like JP Morgan
Salomé's feminine wiles have inspired writers, painters and musicians for 2,000 years

Salomé: A head for seduction

Salomé's feminine wiles have inspired writers, painters and musicians for 2,000 years. Now audiences can meet the Biblical femme fatale in two new stage and screen projects
From Bram Stoker to Stanley Kubrick, the British Library's latest exhibition celebrates all things Gothic

British Library celebrates all things Gothic

Forthcoming exhibition Terror and Wonder: The Gothic Imagination will be the UK's largest ever celebration of Gothic literature
The Hard Rock Café's owners are embroiled in a bitter legal dispute - but is the restaurant chain worth fighting for?

Is the Hard Rock Café worth fighting for?

The restaurant chain's owners are currently embroiled in a bitter legal dispute
Caribbean cuisine is becoming increasingly popular in the UK ... and there's more to it than jerk chicken at carnival

In search of Caribbean soul food

Caribbean cuisine is becoming increasingly popular in the UK ... and there's more to it than jerk chicken at carnival
11 best face powders

11 best face powders

Sweep away shiny skin with our pick of the best pressed and loose powder bases
England vs Norway: Roy Hodgson's hands tied by exploding top flight

Roy Hodgson's hands tied by exploding top flight

Lack of Englishmen at leading Premier League clubs leaves manager hamstrung
Angel Di Maria and Cristiano Ronaldo: A tale of two Manchester United No 7s

Di Maria and Ronaldo: A tale of two Manchester United No 7s

They both inherited the iconic shirt at Old Trafford, but the £59.7m new boy is joining a club in a very different state
Israel-Gaza conflict: No victory for Israel despite weeks of death and devastation

Robert Fisk: No victory for Israel despite weeks of devastation

Palestinians have won: they are still in Gaza, and Hamas is still there
Mary Beard writes character reference for Twitter troll who called her a 'slut'

Unlikely friends: Mary Beard and the troll who called her a ‘filthy old slut’

The Cambridge University classicist even wrote the student a character reference
America’s new apartheid: Prosperous white districts are choosing to break away from black cities and go it alone

America’s new apartheid

Prosperous white districts are choosing to break away from black cities and go it alone