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10/12/2012

Autumn Statement: At a glance

On the 5 December 2012 Chancellor George Osbourne delivered his annual statement.  High lights and key developments are as followed:

 

Economy

 

·         Economy is predicted to shrink by 0.1% in 2012.

·         Target of debt falling by 2015/16 is to be missed - this will now happen in 2016/17.

 

Tax

 

·         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.

 

Pension

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

 

Fuel

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

 

Spending

 

·         £600 million to be invested in science, £270 million in further education colleges, and £1 billion in schools.

·         Capital investment in infrastructure is to total £5 billion over two years, including £1 billion for roads, upgrading the A1, A30, and M25.

 

Cuts

·         Civil service budgets to be cut by 1% next year and 2% in 2014, with NHS and schools exempted. Local government budgets to be cut by 2% in 2014.

Please read the full Autumn statement here  Autumn Statement