Autumn Statement: The Key Points At A Glance

Written By Unknown on Rabu, 03 Desember 2014 | 20.14

The main measures and forecasts as outlined by the Chancellor George Osborne in his Autumn Statement:

:: Annual charge on properties "enveloped" to avoid stamp duty to rise by 50% above inflation on properties over £2m.

:: Air Passenger Duty for under-16s to be scrapped from 2016.

:: Charge for non-dom tax status to rise to £60,000 a year for those resident for 12 of the last 14 years and #90,000 for those in the country for 17 of 20 years.

:: National debt incurred during First World War to be repaid, taking advantage of UK's low interest rates.

:: A so-called  'Google Tax'  will introduce a levy of 25% on profits shifted abroad by multi-national firms. The Diverted Profits Tax aims to raise more than £1bn over five years.

:: Banks to pay almost £4bn more in tax over next five years as profits which can be offset by losses for tax purposes are to be limited to 50%.

:: A further £10bn of Whitehall efficiencies is planned while £5bn more is sought from crackdown on tax evasion and avoidance.

:: Public service pension reforms will be completed, saving £1.3bn annually.

:: NHS gets additional £2bn every year for frontline services. A £1.2bn investment in GP services will be paid for from foreign exchange fines.

:: Government spending £10bn less than forecast this year but warns the coming years will require "very substantial savings in public spending."

:: Osborne says deficit reduction better than some commentators believed. He says while tax take is not rising as quickly as predicted, welfare spending is lower and interest paid on national debt is considerably lower.

:: "Deficit is falling this year and every year." Deficit now cut in half. OBR forecasts borrowing to fall from £97.5bn in 2013/14 to  £91.3bn in 2014/15 (£5bn higher than OBR predicted). Budget surplus of £23bn predicted for 2019/20.

:: OBR predicts wage growth above inflation for the next five years.

:: Unemployment revised down for each year of OBR forecast. Osborne: 85% of new jobs created are full-time. 

:: Office for Budget Responsibility (OBR): Forecast 2014 GDP growth upgraded to 3% from 2.7%. 2015 forecast raised to 2.4%.

:: The deficit "remains too high", so today's announcements will tighten the public finances and are "not a net give away".

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