As it happened: Autumn Statement

Key points

  • The planned 3p rise in fuel duty in January is cancelled.
  • There will be a 1% cap on public sector pay rises for two years after the end of current freeze next year.
  • Real household income looks set to fall by 2.3% this year - a post-war record, says the Office for Budget Responsibility.
  • Borrowing is £112 billion more over the next four years than previous forecasts, but debt interest payments are £22 billion less than expected.
  • Labour says the Chancellor's "Plan A has failed colossally" and that his economic plans are "in tatters".
  • There will be below-inflation increases in some working tax credits, but other credits will rise in line with inflation.

Live text

Reporting:

  • Victoria King 
  • Julian Joyce 

Last updated 2 December 2012

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