UK Politics

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

Chancellor George Osborne has updated MPs on the state of the economy and the government's future plans in his Autumn Statement as the Office for Budget Responsibility (OBR) publishes its latest growth and borrowing forecasts.


2011 forecast revised down to 0.9% from 1.7%

2012 forecast revised down to 0.7% from 2.5%

In 2013, 2014 and 2015, forecast growth will be 2.1%, 2.7% and 3%


Extra £111bn in borrowing over five years

Borrowing forecast to be £127bn in 2011-2, falling to £120bn, £100bn, £79bn and £53bn in following years

Debt to GDP ratio to peak at 78% in 2014-5, falling afterwards


1% cap on public sector pay rises for two years after the end of current freeze next year

Review into regional pay adjustments

Rise in state pension to 67 to be brought forward to 2026 from 2034

WATCH: George Osborne announces pay cap


The average rise in regulated rail fares to be capped at 6% - 1% above inflation - in January, rather than the 8% cap expected

Planned 3p fuel duty rise in January to be scrapped. But duty will go up by 3p in August.


Working age benefits to be uprated by 5.2% next year, in line with inflation

Basic state pension to rise by £5.30 next year to £107.45

Inflation-linked rise in disability element of tax credits but below-inflation increase in other tax credits

£110 rise above inflation in the child element of the child tax credit scrapped


OBR forecast of total public sector job losses up from 400,000 to 710,000

Credit easing programme to underwrite up to £40bn in low-interest loans to small and medium-sized firms

£1bn business finance partnership to raise money for medium-sized firms

Regional Growth regeneration fund to get £1bn in extra funding

£250m support package for energy-intensive firms, £500m for science

Business rate holiday relief for small firms extended to April 2013

New time limits for planning applications

£1bn "youth contract" to subsidise six-month work placements for 410,000 young people

Bank levy to be increased in January

WATCH: George Osborne gives details of a 'new youth contract'


£1.2bn extra spending on schools in England

Half to go to councils for more school places and half for 100 additional free schools

£50 cut in water bills for families in the south-west of England

Childcare places for most deprived two-year-olds in England doubled to 260,000

WATCH: George Osborne on nursery places


Mortgage indemnity scheme to help up to 100,000 people buy homes with 5% deposit

£400m scheme to kick-start stalled construction projects in England

50% discount for social tenants wanting to buy their own homes in England


£5bn new spending over three years, including £1bn for the rail network

Go-ahead for 35 road and rail projects across England

Aim to unlock a further £20bn in investment from pension funds.

WATCH: George Osborne on new road and rail schemes


Funding will not exceed 0.7% of total GDP


In March, the OBR predicted the economy would grow 1.7% in 2011 and 2.5% in 2012

It forecast government borrowing of £146bn in 2010-11, falling to £122bn in 2011-12, £101bn in 2012-3, £70bn in 2013-4, £46bn in 2014-5 and £29bn by 2015-16.

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