Chancellor George Osborne has delivered his Autumn Statement and Spending Review.
These are the main points:
Chancellor says five years ago UK economy was in crisis.
Debt will fall this year.
£12bn of welfare savings will be delivered in full.
Britain has grown faster than any other G7 countries since 2010.
Economy is predicted to grow by 2.4% in 2015; 2.4% in 2016; 2.5% in 2017 returning to 2.4% in 2018 and 2.3% in 2019-20.
Productivity is growing but still lags behind our competitors.
One million new jobs to be created by 2020.
Chancellor says he will “fix the roof while the sun is shining”.
In 2010 deficit was 11.1% of national income. Next year it will be 2.5% and will move into surplus of 0.5% in 2019/20.
New penalties on tax avoidance announced.
Commitment to a seven-day NHS.
Tax credits cuts to be scrapped.
‘Devolution revolution’ with £12bn for local growth fund
26 new Enterprise Zones
Biggest road investment programme since the 1970s
Increase in science budget. Review of Research Councils.
Increase in Arts Council and UK Sport funding.
£15m VAT raised from sale of sanitary products to go to women’s refuges and charities.
Support for low carbon electricity and renewables to more than double.
Target of 3m apprenticeships by 2020. Business Secretary to lead review into apprenticeships.
‘Bold plan to back families who aspire to buy their own home’. Housing budget doubled to £2bn. 400,000 affordable homes to be built by end of decade – half of them starter homes. Many restrictions on shared ownership will be removed.
£1bn to be raised by 2021 through 3% increase in stamp duty for buy-to-let properties and second homes.
No cuts in police budget.
