Wednesday, 5 December 2012

Autumn Statement: At-a-glance summary of key points


The 3p-a-litre increase in fuel duty, planned for next January, is cancelled


Most working-age benefits to rise by 1% for each of next three years

From 2014-15 lifetime pension relief allowance to fall from £1.5m to £1.25m

Basic state pension to rise by 2.5% next year to £110.15 a week

Child benefit to rise by 1% for two years from April 2014

Local housing allowance rates to rise in line with existing policy next April but increases in the following two years capped at 1%

Changes to welfare to save £3.7bn by 2015/16


Basic income tax threshold to be raised by £235 more than previously announced next year, to £9,440

Threshold for 40% rate of income tax to rise by 1% in 2014 and 2015, from £41,450 to £41,865 and then £42,285

Main rate of corporation tax to be cut by extra 1% to 21% from April 2014

Inheritance tax threshold to be increased by 1% next year

Bank levy rate to be increased to 0.130% next year.

£5bn over six years expected from treaty with Switzerland to deal with undisclosed bank accounts

HM Revenue and Customs budget will not be cut

ISA contribution limit to be raised to £11,520 from next April

No new tax on property value

No net rise in taxes in Autumn Statement


Predicted to be -0.1% in 2012, down from 0.8% predicted in the Budget

Forecasts for next few years are: 1.2% in 2013, 2% in 2014, 2.3% 2015, 2.7% in 2016 and 2.8% in 2017


Point at which debt predicted to begin falling delayed by a year to 2016/17

Deficit is forecast to fall this year, as is cash borrowing

Deficit to fall from 7.9% to 6.9% of GDP this year, and to continue falling to 1.6% by 2017/18

Borrowing forecast to fall from £108bn this year to £31bn in 2017/18.

£33bn saving to be made on interest debt payment predicted two years ago

Deficit fallen by a quarter in last two years

Government spending as share of GDP predicted to fall from 48% in 2009/10 to 39.5% in 2017/18

Spending review to take place in first half of next year

Departments to reduce spending by 1% next year and 2% year after


Unemployment expected to peak at 8.3%

Employment set to rise in each year of the parliament


Extra £1bn to roads, including upgrading A1, A30, and M25

£1bn loan to extend London's Northern Line to Battersea


£1bn to improve good schools and build 100 new free schools and academies

£270m for further education colleges


Ultra-fast broadband expansion in 12 cities

£600m for scientific research

Annual infrastructure investment now £33bn

£1bn extra capital for Business Bank

Gas Strategy to include consultation on incentives for shale gas


Promise to spend 0.7% on development to be honoured next year, but not exceeded

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