Synopsis: |
The UK currently has the fastest growth among G7 economies, there are more people in work than ever before at 30.8 million, and the deficit is forecast to have fallen by a half by the end 2014-15. To make further progress towards full employment and create a more highly-skilled labour market, the government is abolishing employer National Insurance contributions for young apprentices, and offering new loans for postgraduate study. The government is also taking further action to rebalance the economy by building a northern powerhouse, improving the connectivity of the south-west of England, devolving unprecedented powers to local areas, and supporting the North Sea oil and gas industry. The Autumn Statement also includes a radical reform of stamp duty land tax (SDLT) to improve the functioning of the housing market, a further GBP100 increase in the Income Tax personal allowance to support working families, and further steps to reduce tax evasion and avoidance. Tax advantages of married ISA savers will also be allowed to be inherited by surviving spouses/civil partners.Reaffirming it's commitment to fiscal consolidation the Government plans to: commit a further GBP10 billion of efficiency savings; revise the Charter for Budget Responsibility; take further action to ensure that the full costs of providing pensions for public service workers are met by employers; strengthen Scottish Government powers by devolving further powers over tax and welfare; prioritising investment in the future of the NHS through a multi-year GBP3.1 billion UK wide investment. It also sets out long term investment plans for infrastructure and sustained investment in Britain's science base |