Autumn Statement 2013: At a glance
Thursday 05 December 2013
The main points of the Chancellor's Autumn Statement:
* 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.
* 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.
* 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
* 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.
* 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
- 1 What happens to your body when you give up sugar?
- 2 Licence fee: What is the BBC charge – and how will the changes affect you?
- 3 This is what the photographer has to say about the picture of a weasel riding a woodpecker
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Bill Clinton portrait features Monica Lewinsky reference, artist admits
Japanese island overrun with cats after population explodes
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
Pornhub turns masturbation into energy in bid to save the planet
The 'sex selfie stick' lets you FaceTime the inside of a vagina
New theory could prove how life began and disprove God
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
This is what it's like to be dead, according to a guy who died for a bit
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
£16000 - £46000 per annum: Recruitment Genius: This is an opportunity to join ...
£9 - £13 per hour: Recruitment Genius: This is a great opportunity to join a s...
£25000 - £35000 per annum: Recruitment Genius: Have you got a proven track rec...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...