Autumn Statement: Key points

December 5, 2013

Key points in Chancellor George Osborne’s Autumn Statement:

  • Next year's fuel duty rise will be cancelled
  • Big expansion of start-up loans which will help create 50,000 new businesses
  • Film tax relief will be extended
  • Investment in social enterprises will be encouraged
  • Office of Budget Responsibility says 3.1m more jobs will be created by business until 2019 – far more than the 1m or so lost in the public sector.
  • Businesses have already created three jobs for every one lost in the public sector.
  • He described the Government’s policies as “an economic plan that is working”.
  • “(This is) a Government seeking a job-rich recovery for all.”
  • Autumn Statement will be fiscally neutral
  • Cap on welfare spending to be introduced next year but State pension to be excluded
  • Government will "fix roof while sun is shining"
  • Confirmation that State pension age will increase to 69 "in late 2040s"
  • Bank of England to get more power to deal with asset bubbles
  • Plan to put train fares up by 1% above inflation cancelled.  Fares will rise by inflation only

Chancellor has now finished his Autumn Statement after 50 minutes on his feet.

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