Autumn Statement Key Points

Autumn Statement Key Points

Chancellor of the Exchequer George Osborne has addressed Parliament on the government’s plans for the future of the economy.

Here are some key points.

Benefits and Pensions:

Most working age benefits to rise by one percent; lower than the rate of inflation.

Basic state pension to rise by 2.5 percent next year to £110.15 per week.

Lifetime pension allowance to fall from £1.5 million to £1.25 million in 2014-15.

Welfare changes to save £3.7 billion by 2015-16.

Fuel:

The 3 pence a litre increase planned for January is scrapped.

Economic Growth:

Predicted to -0.1 percent in 2012, down from the 0.8 percent growth predicted in the last budget.

Taxes and Allowances:

The tax free allowance to be increased to £9,440 next year, £235 more than previously announced.

Threshold for 40 percent rate of income tax to rise by one percent in 2014 and 2015.

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

HMRC budget will not be cut.

Jobs and Training:

Unemployment expected to peak at 8.3 percent, lower than the previous prediction of 8.7 percent.

Unemployment predicted to rise in each year of the current parliament.

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that’s enabled him to help so many clients over the years.

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